JOHNS CREEK, Ga., Sept. 04, 2018 (GLOBE NEWSWIRE) — Ebix, Inc. (EBIX), a arch all-embracing supplier of On-Demand software and E-commerce casework to the insurance, financial, healthcare and e-learning industries, today appear that one of its Indian subsidiaries has active the acceding to admission Mumbai based Miles Software for an bulk of about $19 million, with an added accidental admission out of up to $8.5 actor payable afterwards 2 years.
Miles is India’s Arch abundance and asset administration on-demand software provider to banks, asset managers and abundance administration firms, besides accepting 300 cyberbanking account barter beyond 18 altered countries in Europe, Middle East and South-East Asia.
While actuality deeply dent into Ebix’s on-demand software offerings globally, Miles Software will serve as Ebix’s Investment, Abundance and Asset Administration Division with its articles actuality interfaced beyond both EbixCash cyberbanking exchanges and EbixExchange allowance exchanges. All key Miles business admiral accept been retained by Ebix with the Miles Founder Milan Ganatra and his aggregation actuality entrusted with arch Ebix’s all-around efforts in these alcove adequacy areas. Milan will be additionally become a key affiliate of the EbixCash chief administration aggregation in India, to accept an added focus on the all-around fast-growing abundance and asset administration industry.
In the cyberbanking year 2017, Miles had revenues of $8 actor and EBITDA of about 8%. Ebix believes that the business can abide to abound at the amount of 20% additional annually with operating margins of 30% or more, already absolutely integrated. Ebix expects the accretion to be anon accretive to its antithesis and forecasts 8 cents in added Diluted EPS, already the accretion is absolutely dent over the aing 6 months. Ebix adjourned the accretion application its centralized banknote affluence and did not use any advance bankers for the transaction. Aarayaa Advisory Casework served as the absolute cyberbanking admiral to Miles Software.
Key Facts about Miles:
“We are badly admiring to accept become a allotment of a Company with an acutely affluent breadth focus and a who’s who cyberbanking academy applicant base. Ebix today is the alone on-demand Barter in the apple that aspires to accompany accurate aggregation amid financial, insurance, asset management, lending and abundance management,” Milan Ganatra, Founder and CEO of Miles Software said. “With 7,500 advisers application audience in India, Ebix offers us amplification possibilities that are absolutely exciting. Ebix’s amplitude beyond the apple and added accurately in North America, Australia, UK and Brazil has the abeyant of aperture up immense new opportunities for our products, as we interface them to Ebix CRM and added Barter solutions in these markets.”
Milan added, “We acerb accept that there is abundant synergy and alternate aggregate DNA amid Ebix and Miles’s focus on globalization, breadth focus and the adeptness of accession and excellence. I am assured that the Miles aggregation has the aptitude and adeptness to booty Ebix to alike greater heights.”
“Miles’s abundance management, asset management, accessory based lending administration and aegis businesses accompaniment Ebix’s absolute offerings to cyberbanking institutions, Banks, asset managers and abundance managers beyond the world. It additionally opens up cantankerous affairs opportunities for Ebix solutions to Miles’s chump abject in 18 countries,” Ebix Chairman, President and CEO Robin Raina said. “The accession of Miles to our EbixCash portfolio not alone makes our cyberbanking barter alms alike added comprehensive, but additionally provides us with a chief administration aggregation that is accurate and awful admired in the industry. I attending advanced to alive with Milan in allowance him aggrandize the Miles cast to United States, Australia and Brazil, while utilizing our breadth focused sales and accord aggressive association in these markets.”
Leadership in India’s Cyberbanking Barter markets
The accession of the Miles asset management, portfolio management, babysitter casework and accessory based lending administration to the EbixCash portfolio added strengthens Ebix’s administration in India’s Cyberbanking Barter markets:
About Ebix, Inc.
With 50 offices beyond 5 continents, Ebix, Inc., (EBIX) endeavors to accommodate On-Demand software and E-commerce casework to the insurance, financial, healthcare and e-learning industries. In the Allowance sector, the Company’s basic focus is to advance and arrange a advanced array of allowance and reinsurance exchanges on an on-demand basis, while also, accouterment Software-as-a-Service (“SaaS”) activity solutions in the breadth of CRM, front-end & back-end systems, outsourced authoritative and accident compliance, beyond the world.
With a “Phygital” activity that combines 260,000 concrete administration outlets in abounding Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online agenda platform, the Company’s EbixCash Cyberbanking barter portfolio encompasses administration in areas of calm & all-embracing money remittance, Forex, travel, pre-paid & allowance cards, account payments, lending etc., in an arising country like India. The Company’s Forex Barter has an almost 70% bazaar allotment of India’s airport Adopted Barter business encompassing 25 all-embracing airports like Delhi, Mumbai, Bangalore, Chennai and Kolkata All-embracing airports, while administering over 1 actor affairs per annum. EbixCash, through its biking aperture Via.com, is additionally one of Southeast Asia’s arch biking exchanges with over 110,000 administration outlets and 8,000 accumulated audience processing over 24.5 actor affairs every year. For added details, appointment www.ebixcash.com
Through its assorted SaaS-based software platforms, Ebix employs bags of domain-specific technology professionals to accommodate products, abutment and consultancy to bags of barter on six continents. For added information, appointment the Company’s website at www.ebix.com
About Miles Software
Incorporated in 1999, Miles is India and Mauritius’s Arch abundance and asset administration on-demand software provider to banks, asset managers and abundance administration firms, besides accepting 300 cyberbanking account barter beyond 18 altered countries in Europe, Middle East and South-East Asia. The Company is currently additionally alive on developing a B2B Abundance Barter amid abundance managers, distributors and originators application blockchain technology. For added information, appointment the Company’s website at www.milessoft.com
An Ebix Group initiative, EbixCash is arising as one of the arch Cyberbanking Exchanges in India. With a ‘Phygital” activity that combines 224,000 concrete administration outlets to an Omni-channel online agenda platform, EbixCash has accustomed an activity cyberbanking barter portfolio that encompasses administration in money remittance (domestic & international), travel, pre-paid & allowance cards, account payments etc. Ebix’s contempo collective adventure activity with Bombay Stock Barter positions it acerb in India’s allowance sector. EbixCash’s portfolio of articles can be accessed digitally anywhere as additionally beyond its administration outlets advance over 5,500 cities and towns. For added details, appointment www.ebixcash.com
SAFE HARBOR REGARDING FORWARD-LOOKING STATEMENTS
As acclimated herein, the agreement “Ebix,” “the Company,” “we,” “our” and “us” accredit to Ebix, Inc., a Delaware corporation, and its circumscribed subsidiaries as a accumulated entity, except area it is bright that the agreement beggarly alone Ebix, Inc.
The advice absolute in this Columnist Release contains advanced statements and advice aural the “safe harbor” accoutrement of the Private Balance Litigation Reform Act of 1995, Area 27A of the Balance Act of 1933, and Area 21E of the Balance Barter Act of 1934. This advice includes assumptions fabricated by, and advice currently accessible to management, including statements apropos approaching bread-and-er achievement and cyberbanking condition, clamminess and basic resources, accepting of the Company’s articles by the market, and management’s affairs and objectives. In addition, assertive statements included in this and our approaching filings with the Balance and Barter Commission (“SEC”), in columnist releases, and in articulate and accounting statements fabricated by us or with our approval, which are not statements of absolute fact, are advanced statements. Words such as “may,” “could,” “should,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “seeks,” “plan,” “project,” “continue,” “predict,” “will,” “should,” and added words or expressions of agnate acceptation are advised by the Company to analyze advanced statements, although not all advanced statements accommodate these anecdotic words. These advanced statements are begin at assorted places throughout this address and in the abstracts congenital herein by reference. These statements are based on our accepted expectations about approaching contest or after-effects and advice that is currently accessible to us, absorb assumptions, risks, and uncertainties, and allege alone as of the date on which such statements are made.
Our absolute after-effects may alter materially from those bidding or adumbrated in these advanced statements. Factors that may account such a difference, include, but are not bound to those discussed in our Anniversary Address on Form 10-K and consecutive letters filed with the SEC, as able-bodied as: the accident of an abortive aftereffect of the awaiting authoritative investigations or actor chic activity lawsuits, reputational abuse acquired by such investigations and lawsuits, the alertness of absolute allowance agencies to outsource their computer and added processing needs to third parties; appraisement and added aggressive pressures and the Company’s adeptness to accretion or advance allotment of sales as a aftereffect of accomplishments by competitors and others; changes in estimates in analytical accounting judgments; changes in or abortion to accede with laws and regulations, including accounting standards, taxation requirements (including tax amount changes, new tax laws and revised tax interpretations) in calm or adopted jurisdictions; barter amount fluctuations and added risks associated with investments and operations in adopted countries (particularly in Australia, UK and India wherein we accept cogent operations); disinterestedness markets, including bazaar disruptions and cogent absorption amount fluctuations, which may impede our admission to, or admission the amount of, alien financing; and all-embracing conflict, including agitator acts.
Except as especially appropriate by the federal balance laws, the Company undertakes no obligation to amend any such factors, or to about advertise the after-effects of, or changes to any of the advanced statements absolute herein to reflect approaching events, developments, afflicted circumstances, or for any added reason.
Readers should anxiously analysis the disclosures and the accident factors declared in the abstracts we book from time to time with the SEC, including approaching letters on Forms 10-Q and 8-K, and any amendments thereto. You may access our SEC filings at our website, www.ebix.com beneath the “Investor Information” section, or over the Internet at the SEC’s web site, www.sec.gov.
Aradhanaa Agarwal 91-99300 13188 or [email protected]
Darren Joseph 1-678 -281-2027 or [email protected]
David Collins or Chris EddyCatalyst All-around 1- 212-924-9800 or [email protected]
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