Ebix Completes Acquisition of Inward International Remittance Business from Transcorp International Limited (BSE:TRANSCOR.BO)
ATLANTA, Feb. 14, 2018 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-governance and healthcare industries, today announced that it has completed the acquisition of the Inward International Remittance Business from Transcorp International Limited. The Transcorp International Inward Remittance acquisition encompasses 7,500 Distribution Outlets, 40 Branches, processing approximately 1.7 Million Transactions per Annum. The acquisition was announced through a press release dated January 4th 2018.
With a market share of almost 10% percent of Western Union's inward remittance flows in India, Transcorp International was one of the Top 5 largest international remittance (MTSS) players in India. This is Ebix’s fourth remittance related acquisition, following the announcement of the acquisition of YouFirst Money Express Private Limited and the asset purchases of Paul Merchants Limited and Wall Street Finance Limited. Ebix has consolidated all these acquisitions into its EbixCash Financial Exchange operations bringing significant synergies to the combined operation.
The addition of Transcorp International MTSS assets increases the EbixCash Financial Exchange expanse to 231,500 physical distribution outlets, with an Omni-channel online digital platform that encompasses leadership in money remittance (domestic & international), travel, pre-paid & gift cards, utility payments, etc. In addition, Ebix’s recent joint venture initiative with Bombay Stock Exchange positions it strongly in India’s insurance sector. EbixCash through its travel portal Via.com is also one of South East Asia’s leading travel exchanges with over 110,000 distribution outlets and 8,000 corporate clients, processing over 24.5 million transactions every year.
About Ebix Inc.
A leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-governance and healthcare industries, Ebix, Inc. provides end-to-end on-Demand solutions ranging from infrastructure exchanges, front end & back end enterprise systems, outsourced administrative & custom software development solutions, and risk compliance solutions for various entities involved in these industries.
With 50+ offices across Australia, Brazil, Canada, India, New Zealand, Singapore, the US and the UK, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance while conducting in excess of $100 billion in insurance premiums annually on its platforms. Through its various SaaS-based software platforms, Ebix employs hundreds of domain specific business and technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com
An Ebix Group initiative, EbixCash is emerging as one of the leading Financial Exchanges in India. With a ‘Phygital” strategy that combines 231,500 physical distribution outlets to a Omni-channel online digital platform, EbixCash has established an enterprise financial exchange portfolio that encompasses leadership in money remittance (domestic & international), travel, pre-paid & gift cards, utility payments etc. Ebix’s recent joint venture initiative with Bombay Stock Exchange positions it strongly in India’s insurance sector. EbixCash’s portfolio of products can be accessed digitally anywhere as also across its distribution outlets spread over 5,500+ cities and towns. For further details, visit www.ebixcash.com
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