- Ebix (EBIX -0.5%) entered into an agreement to acquire Money Transfer Service Scheme Business of Wall Street Finance (India), along with the acquisition of its subsidiary company Goldman Securities Limited, for ~$7.4M. The Company funded the transaction using its internal cash reserves. The agreement while approved by the Wall Street Board, is subject to its shareholders approval.
- The acquisition once approved, is expected to be accretive to Ebix earnings immediately. The acquisition brings Wall Street Finance's network of 10 Branches and over 9,000 sub-agents to Ebix, processing ~0.6M transactions per day and ~2B in annual payment volume, with an industry leading transaction success rate of 99%.
- CEO Robin Raina: "The acquisition of these MTSS assets will complement our ItzCash financial exchange and allow us to streamline costs further while offering tremendous cross selling opportunities. This should also help enhance our operating margins, in the financial exchange segment in India."
- Press Release
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