US-headquartered software firm Ebix Inc’s Indian subsidiary, EbixCash, has signed five-year agreements with international travel exchanges, collecting a cumulative advance of $25 million.
While the company did not disclose details of the deal, the agreement will add $15 to $20 million per year to net annual revenue of EbixCash over a period of time, said the company in a statement.
This comes on the back of EbixCash India strengthening its travel business by acquiring online travel portal Yatra in July for an enterprise value of $337.8 million. The company recently also acquired the corporate travel business of the cash-strapped Cox & Kings.
“We have devised an aggressive marketing plan to continue to grow our travel business in India, Asia and the US in the year 2020. Towards that extent, we are pleased to have the qualitative and economic support of global travel exchanges in our growth endeavors,” said Robin Raina, president and chief executive officer at Ebix Inc in a statement.
EbixCash claims to service 9,800 corporate clients and process $2.5 billion in gross merchandise value per year through its travel businesses of Via and Mercury.
Ebix Inc, which provides on-demand software and e-commerce services to insurance, financial, healthcare and e-learning companies, has made multiple acquisitions in India.
The company’s focus is on growing its payments, travel, wealth management and forex portfolios. It acquired digital payments company ItzCash in mid-2017 for $120 million and bought Bengaluru based online travel portal Via.com for $75 million.
In 2018, Ebix said it will acquire 67% stake in Delhi based trucking and logistics firm Routier.
EbixCash also acquired foreign exchange services company Centrum Capital for $175 million in April 2018, followed by the acquisition of Pune-headquartered lending software company, Indus Software in July 2018 for $29 million.
According to the company statement, EbixCash’s inward remittance business in India clocks $6.5 billion in GMV and its foreign exchange business conducts $4.8 billion in gross transaction value per year.