Ebix Inc., which is one of the leading global suppliers of on-demand e-commerce and software services to the healthcare, insurance, e-learning, and financial industries, has recently announced that it has signed an agreement, by way of one of its Indian arms, to acquire Miles Software, a Mumbai-based company, for a sum of $19 million. Further, an extra contingent earn out of around $8.5 million, will also be paid after a period of 2 years.
Miles Software is a leading asset and wealth management software provider to wealth management companies, banks, and asset managers, in addition to having over 300 financial service customers spread across 18 countries around the world, including in parts of Europe, South-East Asia, and the Middle East. Miles Software’s on-demand software solutions cover a number of areas including portfolio, custody, wealth, asset, loan, and collateral management, in addition to having investment compliance and enterprise cloud-based investment management solutions.
Miles Software will, thus, serve as the investment, asset, and wealth management division of Ebix Inc., with the company’s solutions being interfaced over both EbixExchange insurance exchanges and EbixCash financial exchanges.
All the key business executives at Miles Software will be a part of Ebix, along with Mr. Milan Ganatra, the founder of Miles Software. Mr. Ganatra will also become a part of the senior leadership team of EbixCash in India.
Ebix announced that the acquisition was funded by using the company’s internal cash reserves. No investment bankers were used for this transaction. Miles Software had appointed Aarayaa Advisory Services as its sole financial advisor.
Sources: The Times of India, The Hindu Business Line