Nasdaq-listed Ebix Inc on Monday announced that it has acquired the money transfer service scheme (MTSS) business of YouFirst Money Express Private Ltd.
This is Ebix's second acquisition over the last few days and comes on the heels of the acquisition announcement of MTSS assets of Wall Street Finance Ltd on August 17.
The acquisition of YouFirst and Wall Street MTSS inward remittance assets gives Ebix about 25 per cent of the inward international remittance market in India, Bhavik Vasa, Chief Growth Officer, ItzCash told BusinessLine here.
Ebix now controls 80 per cent of ItzCash.
With a market share of almost 15 per cent of Western Union's inward remittance flows in India, YouFirst is the third largest international remittance player in India.
Vasa also said that Ebix is open to more inorganic acquisitions as part of its efforts towards leadership status in the international remittance sector.
He however declined to specify the deal value in the YouFirst acquisition transaction.
Recently, Ebix announced $100 million fund for organic and inorganic growth of its ItzCash Financial Exchange. The latest two acquisitions — MTSS of Wall Street Finance and YouFirst — have been funded from this $100 million fund, according to Vasa.
Ebix Chairman, President and CEO Robin Raina said: “Following up on the Wall Street Finance’s MTSS assets acquisition announcement a few days back, the acquisition of YouFirst is a significant announcement in our efforts to expand our presence in the financial exchange markets in India.
It will not only help expand our reach, but also nurture cross selling and increased revenue opportunities for our distribution outlets. We expect that the consolidation of YouFirst and Wall Street assets into our existing financial exchange infrastructure will enhance our operating margins substantially, in the financial exchange segment in India.”
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