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Ebix closes acquisitions of India-based money transfer service scheme businesses

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Ebix closes acquisitions of India-based money transfer service scheme businesses

Ebix Inc. has completed the acquisition of the money transfer service business of YouFirst Money Express Pvt. Ltd. and the acquisition of the money transfer service scheme assets of Wall Street Finance Ltd. and its subsidiary company Goldman Securities Ltd.

Ebix's acquisition of the money transfer service scheme business of Paul Merchants Ltd., announced along with the YouFirst deal, is still pending shareholder and other approvals but is expected to close by Nov. 15.

Ebix plans to consolidate all these acquisitions into its financial exchange operations. Each deal is expected to be accretive to earnings, and they were all funded using internal cash reserves.