Tag Archives: Inc.

Online travel company Yatra has announced that it has provided notice of termination of its pending merger agreement with Ebix, Inc. and sought substantial damages from the latter over “breaches of representations, warranties and covenants in the merger agreement and an ancillary extension agreement”. Separately, starting April 2020, Yatra had already implemented cost reduction initiatives, resulting in 58% fixed cost savings in May 2020 vs March 2020, and 70% savings as compared to March 2019.

Ebix, Inc, international supplier of on-demand software and e-commerce services to the insurance, financial, e-governance and healthcare industries, has announced that one of its Singapore subsidiaries has entered into an agreement to acquire Bengaluru-based Via.com, an omni-channel online travel and assisted e-commerce exchange. The acquisition of Via expands on Ebix’s distribution network to over 224,000 distribution outlets in the South East of Asia, besides offering significant cross selling opportunities for Ebix’s EbixCash Financial Exchange portfolio of products. Under the terms of the agreement, Via was valued at a total enterprise value of approximately $74.9 million. The closing of the transaction is expected over the next few days. The acquisition is expected to be accretive to Ebix earnings immediately. Via has shown growth at a CAGR of 45 per cent over the last three years with over 110,000 distribution outlets and 8000 corporate clients. Its distribution network encompasses over 85,000 agents in India, 14,700 agents in Indonesia, 9,900 agents in Philippines, 600 agents in Singapore and 350 agents in UAE and Oman. Ebix intends to consolidate this acquisition into its Financial Exchange – EbixCash while bringing significant synergies and redundancies to the combined operation. The acquisition of the Omni-channel Business, would further strengthen Ebix’s position in the Financial Exchange market in India, as travel transactions can be one of the key areas of any leading financial exchange, with an estimated user base of 600 million in India alone. Vani Kola, Managing Director, Kalaari Capital said, “Ebix is a logical home for Via, as it complements EbixCash’s financial exchange portfolio perfectly, opening up tremendous cross-selling opportunities on both sides. We are excited about the possibilities this offers for both our customers and …

Westin Hotels & Resorts, part of Marriott International, Inc. announced the highly-anticipated opening of The Westin Pushkar Resort & Spa in Rajasthan. India’s seventh Westin property, The Westin Pushkar Resort & Spa is surrounded by the picturesque Aravalli Hills and spread across 11 acres. The property, Pushkar’s first internationally-branded hotel, offers 98 contemporary guestrooms, of which 44 feature private pools. Owned by Paradise Properties, the newly-built resort aims to bring the Westin brand’s innovative wellness initiatives to the renowned spiritual destination. “With more travellers looking to maintain their wellness routines while on the road, The Westin Pushkar Resort & Spa is thrilled to offer guests the brand’s signature amenities and programs, designed to evoke renewal and well-being,” said Jagdeep Nambiar, General Manager, The Westin Pushkar Resort & Spa. The Westin Pushkar Resort & Spa will offer over 19,000 square feet of versatile function space, including a ballroom and meeting rooms, as well as a beautiful garden for corporate events and weddings.

Expedia, Inc. and Amadeus IT Group have announced a new global, long-term agreement that enables Expedia to offer air, car, rail, cruise, and hotel products through the Amadeus global distribution system, and adds Orbitz Worldwide brands in addition to the Expedia, Hotwire, Travelocity, Wotif Group, Expedia Affiliate Network and Egencia brands covered by the previous agreement. The agreement builds on the companies’ established Upgrade Options partnership and ensures continued innovation for the more than 8.6 billion flight searches Expedia customers conduct every year. Expedia offers Upgrade Options for multiple carriers in North America and Europe as well as pre-paid, checked baggage offerings on certain sites around the world. Commenting on the agreement, Greg Schulze, senior vice president Global Tour and Transport at Expedia, Inc. said, “Expedia’s commitment is to deliver an exceptional air shopping and booking experience by making it easy for travelers to find exactly what they want. Amadeus helps Expedia to be the very best place to shop for flights.” Expedia is a major online travel player. We are excited to expand our partnership and to continue working together to power innovative travel experiences to delight consumers worldwide,” says Holger Taubmann, Senior Vice President, Distribution, Amadeus