Ebix acquires Yatra for $239 Million

Nasdaq listed Ebix Inc., a supplier of on-demand software and e-commerce services has acquired online travel portal Yatra Online Inc., for an enterprise value of $239 Million, in an all-stock deal.

However, Yatra will continue to be independently run and will retain its brand and status in India. Ebix makes software for the insurance, financial and healthcare industries. Its Indian subsidiary EbixCash bought Mumbai-based Mercury Travels and Delhi-based Leisure Corp last year with an aim to create a travel division focused on luxury, events and sports-related travelers.

The deal marks Ebix biggest acquisition till date in India. Ebix entered India with the purchase of an 80% stake in ItzCash for Rs800 crore from Essel Group and other shareholders in May 2017. Since then, the company has acquired a dozen companies across sectors such as remittance, travel, foreign exchange, and education. In August, it spent Rs1,200 crore to acquire Centrum Group’s forex business Centrum Direct Ltd.

Ebix has also acquired a bunch of companies in the travel space. In November 2017, it had spent around $75 million to acquire online travel portal Via.com. In the same month, it acquired Mumbai-based Mercury Travels and Delhi-based Leisure Corp. for $14.2 million to create a niche vertical, which will focus on luxury, events and sports-related travelers.