Nasdaq-listed Ebix Inc, a leading on-demand supplier of software and e-commerce services company, has signed an agreement to acquire Mumbai-based Miles Software for around ₹136 crores ($19 million). The transaction also includes an additional contingent earn-out up to ₹61 crores ($8.5 million), upon meeting milestones, over the next two years.
The acquisition will open up cross selling opportunities for Ebix solutions to Miles’ customers across 18 countries. Miles Software will be serving as Ebix’s investment, wealth, and asset management division.
Post acquisition, all the key business executives will be joining Ebix. Miles co-founder Milan Ganatra will join Ebix’s senior leadership team of EbixCash in India.
Miles Software was founded by Milan Ganatra, Dhawal Kamath, and Himanshu Siria in 1999. It offers wealth, portfolio, and asset management services in the fintech domain, helping its clients grow their business.
Miles’ client list includes leading banking institutions, asset management organizations, and other financial institutions, across Europe, Middle East, and Southeast Asia.
The company clocked a revenue of $8 million with a pretax profit margin of 8% for the financial year 2017. It also expects the business to grow at the rate of 20% with a profit margin of 20%, once it is integrated.
Milan Ganatra, founder and CEO of Miles Software said, “With over 7,500 employees servicing clients in India, Ebix offers us expansion possibilities that are truly exciting. Ebix’s expanse across the world and more specifically in North America, Australia, UK, and Brazil has the potential of opening up immense new opportunities for our products, as we interface them to Ebix CRM and other Exchange solutions in these markets.”
Ebix has amped up its efforts in India, as it looks to take the advantage of the booming Indian market. It has acquired more than 10 companies in India, over the last two years.