Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries has announced that one of its Indian subsidiaries has signed the agreement to acquire Mumbai based Miles Software for an amount of approximately $19 million, with an additional contingent earn out of up to $8.5 million payable after 2 years.
Miles is India’s Leading wealth and asset management on-demand software provider to banks, asset managers and wealth management firms, besides having 300+ financial service customers across 18 different countries in Europe, Middle East and South-East Asia. In the financial year 2017, Miles had revenues of $8 million and EBITDA of approximately 8%.
All key Miles business executives have been retained by Ebix with the Miles Founder Milan Ganatra and his team being entrusted with leading Ebix’s global efforts in these niche competence areas. Milan will be also become a key member of the EbixCash senior leadership team in India, to have an enhanced focus on the global fast-growing wealth and asset management industry.
While being tightly integrated into Ebix’s on-demand software offerings globally, Miles Software will serve as Ebix’s Investment, Wealth and Asset Management Division with its products being interfaced across both EbixCash financial exchanges and EbixExchange insurance exchanges.
“We are immensely pleased to have become a part of a Company with an extremely rich domain focus and a who’s who financial institution client base.” Milan Ganatra, Founder and CEO of Miles Software said. “With 7,500+ employees servicing clients in India, Ebix offers us expansion possibilities that are truly exciting.”
“Miles’s wealth management, asset management, collateral based lending management and custody businesses complement Ebix’s existing offerings to financial institutions, Banks, asset managers and wealth managers across the world. It also opens up cross selling opportunities for Ebix solutions to Miles’s customer base in 18 countries.” Ebix Chairman, President and CEO Robin Raina said. “The addition of Miles to our EbixCash portfolio not only makes our financial exchange offering even more comprehensive, but also provides us with a senior management team that is proven and highly respected in the industry. I look forward to working with Milan in helping him expand the Miles footprint to United States, Australia and Brazil, while utilizing our domain focused sales and relationship oriented folks in these markets.”