Ebix Inc., a supplier of on-demand
software and e-commerce services to the Insurance, financial, e-governance and
healthcare industries and one of its Singapore subsidiaries agreed to acquire
Via.com, an online travel and assisted e-commerce exchange.
The acquisition of Via expands
Ebix’s distribution network to over 224,000 outlets in South-east Asia, besides
offering significant cross-selling opportunities for Ebix’s EbixCash (earlier
ItzCash) Financial Exchange portfolio of products. The transaction values Via
at a total enterprise value of approximately $74.9 million.
The company entered the Indian
market with the purchase of an 80% stake in ItzCash for Rs800 crore from Essel
Group and other shareholders in May. Since the ItzCash acquisition, Ebix has
spent an additional $60-65 million in acquiring remittance businesses in the
country. The acquisition will boost Ebix’s presence in the travel space,
while also allowing for geographic expansion given that Via.com has a
significant presence in South-east Asia.
Ebix will consolidate this
acquisition into EbixCash to derive synergies and cross-selling opportunities.
The Via distribution network encompasses over 85,000 agents in India, 14,700
agents in Indonesia, 9,900 agents in the Philippines, 600 agents in Singapore
and 350 agents in the United Arab Emirates and Oman.
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