Ebix, a US-based provider of software and e-commerce services to the financial services industry, has agreed to take over the money transfer service scheme (MTSS) business of India-based Transcorp International in a deal valued at around $7.4m.

Ebix funded the deal, which is its fourth remittance related acquisition, using its internal cash reserves. The deal is expected to be accretive to the company’s earnings.

The deal has already secured the nod of the Transcorp board and is now subject to shareholder and regulatory approvals.

Ebix chairman, president and CEO Robin Raina said: “Following up on other MTSS assets acquisitions in the last few months, the acquisition of Transcorp International MTSS assets is a logical step forward in our efforts to expand our presence in the Financial Exchange markets in India.

“It will help establish EbixCash as an undisputed market leader, by leaps and bounds, in the inward international remittance exchange business. Also, the consolidation of Transcorp MTSS assets into our existing Financial Exchange infrastructure will further enhance our operating margins.”

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