Ebix Completes Acquisition of Foreign Exchange and Outward Remittance Business from CentrumDirect Limited (CDL)
Summary
JOHNS CREEK, Ga., June 05, 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, e-learning and healthcare industries, today announced that it has completed the acquisition of India based CentrumDirect Limited (CDL), the undisputed leader in India’s foreign exchange and outward remittance markets for approximately $175 million.CDL is one of the few named players in India with the requisite AD-II and FMCG regulatory licenses to conduct these businesses through a vast network encompassing 165 outlets spread across 55 cities, 200+ franchisee partners, 2,000+ travel agents, 50+ banks and financial institutions, 1000+ SMEs, and 150+ large corporate clients.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.With a ‘Phygital” strategy that combines 260,000 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.
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