Ebix, a provider of software and e-commerce services to the financial services industry, has completed the acquisition of the money transfer service scheme (MTSS) business of YouFirst Money Express and MTSS assets of Wall Street Finance for an undisclosed sum.

Ebix also intends to acquire MTSS business of Paul Merchants, subjected to regulatory approval.

The firm aims at integrating the businesses into its financial exchange operations and make necessary synergies and redundancies to the combined operation.

“The acquisitions are expected to be accretive to Ebix earnings and the funding for all the transactions is done using its internal cash reserves,” the company said in its press statement.

Ebix’s ItzCash exchange currently has more than 75,000 physical retail outlets and the firm believes that three MTSS business acquisitions will increase the distribution reach to over 114,000 outlets across the nation.

Ebix’s ItzCash service is the largest domestic remittance exchange in India and processes approximately 600,000 transactions per day and approximately $2bn in annual payment volume.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.