Ebix Completes Acquisition of Foreign Exchange and Outward Remittance Business from CentrumDirect Limited (CDL)
June 05 2018 - 9:31AM
Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
financial, e-governance, e-learning and healthcare industries,
today announced that it has completed the acquisition of India
based CentrumDirect Limited (CDL), the undisputed leader in India’s
foreign exchange and outward remittance markets for approximately
$175 million. CDL is one of the few named players in India with the
requisite AD-II and FMCG regulatory licenses to conduct these
businesses through a vast network encompassing 165 outlets spread
across 55 cities, 200+ franchisee partners, 2,000+ travel agents,
50+ banks and financial institutions, 1000+ SMEs, and 150+ large
corporate clients. The acquisition was announced through a press
release dated April 3rd 2018.
The addition of the CDL Exchange to the EbixCash
portfolio further strengthens Ebix’s leadership in India’s
Financial Exchange markets:
-
- EbixCash already has a dominant
leadership position in the inward remittance exchange arena in
India.
- EbixCash is already the largest
domestic remittance exchange in India with domestic remittance
volume of approximately $100 million per month.
- EbixCash is also a recognized
leader in prepaid cards, domestic remittances and bill payments,
processing approximately 600,000 transactions per day and
approximately $2 Billion in annual payment volume.
- EbixCash is already recognized as a
leader in the Gift card space with brand gift cards across all
categories with 100+ Brand copartners like Amazon, Flipkart.com,
Croma, Lifestyle, Big Bazaar, Tanishq, BookMyShow.com, Reliance
Digital, MakeMyTrip.com, Café Coffee Day, Pizza Hut, Myntra.com,
Pantaloon etc.
- EbixCash is a leader in the utility
payment space serving as a payment exchange for large utility
providers like BSES, Tata Power, NDPL, Reliance Energy and
Mahanagar Gas etc.
- Ebix’s recent joint venture
initiative with Bombay Stock Exchange positions it as a gateway for
insurance carriers to sell insurance to India’s vast population
through EbixCash’s tens of thousands of phygital outlets across the
country, besides BSE’s strong network across the country.
About Ebix Inc.
A leading international supplier of On-Demand
software and E-commerce services to the insurance, financial,
e-governance, e-learning and healthcare industries, Ebix, Inc.
provides end-to-end on-Demand solutions ranging from infrastructure
exchanges, front end & back end enterprise systems, outsourced
administrative & custom software development solutions, and
risk compliance solutions for various entities involved in these
industries.
With 50+ offices across Australia, Brazil,
Canada, India, New Zealand, Singapore, the US and the UK, Ebix
powers multiple exchanges across the world in the field of life,
annuity, health and property & casualty insurance while
conducting in excess of $100 billion in insurance premiums annually
on its platforms. Through its various SaaS-based software
platforms, Ebix employs hundreds of domain specific business and
technology professionals to provide products, support and
consultancy to thousands of customers on six continents. For more
information, visit the Company’s website at www.ebix.com
About EbixCash
An Ebix Group initiative, EbixCash is emerging
as one of the leading Financial Exchanges in India. With a
‘Phygital” strategy that combines 260,000 physical distribution
outlets to a Omni-channel online digital platform, EbixCash has
established an enterprise financial exchange portfolio that
encompasses leadership in money remittance (domestic &
international), travel, pre-paid & gift cards, utility payments
etc. Ebix’s recent joint venture initiative with Bombay Stock
Exchange positions it strongly in India’s insurance sector.
EbixCash’s portfolio of products can be accessed digitally anywhere
as also across its distribution outlets spread over 5,500+ cities
and towns. For further details, visit www.ebixcash.com
CONTACT:
Bhavik Vasa
+91 9819389881 or bhavikv@ebixcash.com
Darren Joseph
678 -281-2027 or IR@ebix.com
David Collins or Chris Eddy
Catalyst IR - 212-924-9800 or ebix@catalyst-ir.com
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