Ebix, a leading on-demand supplier of software and e-commerce services company has acquired Pune-based Indus Software Technologies for approximately ₹200 crores ($29 million) including ₹34 crores ($5 million) of contingent earn-out.
After the acquisition, Indus will be tightly integrated into Ebix’s Financial Exchange EbixCash offering in India and abroad, with key Indus business executives becoming an integral part of the combined EbixCash senior leadership.
This will expand the Ebix India’s employee strength by 900, taking it to around 7,200 employees.
Ebix Chairman, President, and CEO Robin Raina said, “We have always believed that Lending is a must-have functionality for any leading end-to-end Financial Exchange. Accordingly, in our vision plan for EbixCash with respect to the area of Lending, we see three opportunities: one – powering the technology for Lenders in any industry; two – creating a person-to-person lending exchange that can be available over the web, e-wallets, mobile phones, white label Corporate intranets and EbixCash outlets to consumers; three – lending services for our EbixCash outlets that allows them the power to borrow and expand their business with EbixCash. The acquisition of Indus is a step in the direction of accomplishing the first step of that vision plan.”
Indus was founded in 1990, it offers a specialized suite of products and technology solutions for industries including Banking & Finance, Telecom, and Insurance. It provides over 150 enterprise lending implementations in 15 languages across over 50 countries. Majority of its revenues is generated from India, accounting for 56%, while the rest comes from Europe, Middle-East, and South-East Asia.
Indus has a global customer base including big names like Standard Chartered, Volkswagen, Nissan, Volvo, Kotak Life Insurance, Airtel, etc.
Ebix provides e-commerce and software solutions across various industries and with a strong presence of its 260,000 physical distribution outlets in South-East Asia. It has over 50 offices across 5 continents.
Ebix will be able to leverage Indus’ wide network and global clientele to provide a person-to-person lending exchange into the back-end systems of top lenders in the marketplace. Along with helping its clients to access over 260,000 physical distribution expanse of EbixCash.