Mumbai: Ebix Inc, a US-listed supplier of software and e-commerce services to finance and insurance companies, on Tuesday said that it has acquired Miles Software, an asset and wealth-management services provider, for at least $19 million dollars.
The transaction involves an additional contingent earn out of up to $8.5 million payable after two years, Ebix said.
Miles Software provides wealth and asset management on-demand software to banks, asset managers and wealth management firms. It has over 300 financial service customers across 18 different countries in Europe, Middle East and South-East Asia, Ebix said in a statement.
Miles’s India customer base includes banks and financial institutions such as Kotak Mahindra Bank, State Bank of India, ICICI Bank, Edelweiss, and Motilal Oswal, while its overseas clients include financial services providers such as First Abu Dhabi Bank, State Bank of Mauritius and Land Bank of Philippines.
“While being tightly 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," the statement said.
In financial year 2017, Miles had revenues of $8 million and a pretax profit margin of 8%.
“Miles’s wealth management, asset management, collateral based lending management and custody businesses complement Ebix’s existing offerings to financial institutions, banks, asset managers and wealth managers across the world. It also opens up cross selling opportunities for Ebix solutions to Miles’s customer base in 18 countries." said Robin Raina, chairman and chief executive officer of Ebix.