Nasdaq-listed Ebix Inc, a provider of on-demand software and e-commerce services, has acquired an 80 per cent stake in Indian on-demand SaaS travel technology solution provider Zillious Solutions Private Limited. The financial terms of the acquisition were not immediately disclosed.
The Zillious exchange processes more than 8 million travel bookings annually and conducts Gross Merchandise value of about $1.4 billion per annum.
“Ebix has a successful track history of two decades in terms of providing non-aligned technology solutions. We have been in the business of setting up technology airports to power transactions, without taking any sides for decades now. Thus, this acquisition was a natural one for us as it allowed us to do the same in India’s fast-growing travel industry,” Ebix Chairman, President and CEO Robin Raina said.
Ebix is funding the transaction using its internal cash reserves. The acquisition is expected to be accretive to Ebix earnings immediately.
Ebix intends to keep Zillious as a non-aligned technology platform, and intends to promote across global markets such as the Middle East, the US and Asia besides further establishing it as a pure-play on-demand travel technology exchange within India.
Zillious is a pure-play on-demand technology initiative to enable end-to-end technology needs of travel management companies (TMCs), travel agents and OTAs in the travel industry. The company serves seven out of top 10 TMCs.
For Ebix, the acquisition will strengthen its position as the largest financial exchange in India, besides emerging a leader in the inward remittance, outward remittance and foreign exchange markets.
Source: The Hindu