Ebix Inc Buys Miles Software for $19M

Ebix Inc. the American software company has made an announcement that it has acquired Miles Software, an Indian company for $19M. The acquisition took place through the Indian subsidiary of the company, i.e. EbixCash this week.

Post acquisition, Ebix has retained all the key business executives of Miles Software in their team. The company’s investment, wealth, and asset management division will be served by Miles Software. The task of Miles Software would be-interfacing Ebix products across different Ebix exchanges, i.e. financial and insurance exchanges.

Furthermore, the members of miles Software including its founder Milan Gantara have been assigned with the task of controlling Ebix’s global efforts. EbixCash will include Mr. Gantara in its senior leadership team In India.

According to Miles Software, they are fortunate to be a part of Ebix team. Ebix is one of the best global leaders in Software. They have around 7,500 clients exclusively working in India. Ebix’s worldwide presence and especially, in the UK, Australia, North America, and Brazil has the capability to produce new opportunities for the products of Miles Software.

According to Ebix, once the acquisition is integrated in the next few months, it will boost their earnings.  The company’s competitors include players like Accenture, StoneRiver, iPipeline, and Aplifi.

In 2017, Ebix purchased 80% stakes of ItzCash. The total valuation of the funding was $150M. Eventually, allowing Ebix to assume majority shareholder status in ItzCash.