Software and e-commerce services provider Ebix has agreed to acquire Miles Software, an Indian wealth and asset management software firm, in a deal worth around $19m.
The transaction also includes an additional contingent earn out of up to $8.5m that will be paid after two years.
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Miles, established in 1999, offers wealth, portfolio, asset, custody, collateral and loan management, enterprise cloud based investment management as well as investment compliance solutions.
The software firm has more than 300 clients in 18 countries of Europe, Middle East and South-East Asia. It generated revenues of $8m and earnings before interest, tax, depreciation and amortisation of around 8% last year.
Miles will become the investment, wealth and asset management division of Ebix following the acquisition.
Ebix chairman, president and CEO Robin Raina said: “Miles’s wealth management, asset management, collateral based lending management and custody businesses complement Ebix’s existing offerings to financial institutions, Banks, asset managers and wealth managers across the world. It also opens up cross selling opportunities for Ebix solutions to Miles’s customer base in 18 countries.
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By GlobalData“The addition of Miles to our EbixCash portfolio not only makes our financial exchange offering even more comprehensive, but also provides us with a senior management team that is proven and highly respected in the industry.”
Ebix expects the deal to add to its earnings immediately and will finance the deal using its existing liquidity.
All key Miles executives, including the firm’s founder Milan Ganatra, will be retained as part of the deal. Ganatra will join the senior leadership team of EbixCash in India.
“With 7,500+ employees servicing clients in India, Ebix offers us expansion possibilities that are truly exciting. Ebix’s expanse across the world and more specifically in North America, Australia, UK and Brazil has the potential of opening up immense new opportunities for our products, as we interface them to Ebix CRM and other Exchange solutions in these markets,” Ganatra noted.
