International supplier of on-demand software and e-commerce services Ebix today announced that it has acquired Pune-based Indus Software Technologies for around USD 29 million including USD 5 million of contingent earn-out.
Indus will be integrated into Ebix's financial exchange EbixCash offering in India and abroad, with key Indus business executives becoming an integral part of the combined EbixCash senior leadership, a release said here.
Ebix is an international supplier of on-demand software and e-commerce services to the insurance, financial, healthcare and e-learning industries.
The acquisition of Indus will increase the employee strength of Ebix in India by 900 to around 7,200 employees.
Ebix funded the acquisition using its internal cash reserves, it added.
"We have always believed that lending is a must have functionality for any leading end-to-end financial exchange. The acquisition of Indus is a step in the direction of accomplishing the first step of our vision plan," Ebix chairman, president and CEO Robin Raina said.
Indus provides the ability to interface a Person to Person (P2P) Lending exchange into the back-end systems of top lenders in the market place and move data seamlessly across front-end and back-end systems, he said.
"This will also allow Indus clients to access the over 260,000 physical distribution expanse of EbixCash, along with our strong corporate and electronic network, and be a lending provider to our vast consumer network in India, through a future EbixCash P2P Exchange," he said.
Indus also fits in with Ebix's goals of expanding the EbixCash network globally, since it provides the company with an international customer base across Europe, Middle East and South-East Asia, Raina added.
Indus offers a specialised suite of products and technology solutions for banking and finance, telecom and insurance industries.
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