Nasdaq-listed Ebix Inc, through one of its Indian subsidiaries, has signed an agreement to acquire Mumbai-based Miles Software for about $19 million along with an additional conditional earn out of up to $8.5 million payable after two years.

Miles is a wealth and asset management on-demand software provider to banks, asset managers and wealth management firms. It also has 300-plus financial service customers across 18 countries in Europe, Middle East and South-East Asia.

Miles’ on-demand solutions encompass the areas of wealth, portfolio, asset, custody, collateral and loan management besides having enterprise cloud based investment management and investment compliance solutions.

While being integrated into Ebix’s on-demand software offerings globally, Miles Software will serve as Ebix’s Investment, Wealth and Asset Management Division with its products being interfaced across both EbixCash financial exchanges and EbixExchange insurance exchanges.

All key Miles business executives have been retained by Ebix alongwith Miles Founder Milan Ganatra

Ebix Chairman, President and CEO Robin Raina, said: “The addition of Miles to our EbixCash portfolio not only makes our financial exchange offering even more comprehensive, but also provides us with a senior management team that is proven and highly respected in the industry. I look forward to working with Milan in helping him expand the Miles footprint to the US, Australia and Brazil, while utilising our domain focussed sales and relationship oriented folks in these markets.”

Milan Ganatra said: “We are pleased to have become a part of a company with a rich domain focus and a who’s who financial institution client base. Ebix today is the only on-demand exchange in the world that aspires to bring a convergence between financial, insurance, asset management, lending and wealth management”.

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