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Ebix to acquire Indian asset, wealth management software provider for $19M


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Ebix to acquire Indian asset, wealth management software provider for $19M

An Indian subsidiary of Ebix Inc. has agreed to acquire Miles Software Solutions (P) Ltd., a Mumbai-based wealth and asset management on-demand software provider.

The purchase price is approximately $19 million, with an additional contingent earnout of up to $8.5 million payable after two years.

Miles Software has more than 300 financial service customers across 18 different countries in Europe, Middle East and Southeast Asia. It reported revenues of $8 million in 2017.

The deal is expected to be immediately accretive to Ebix's earnings and is projected to increase its EPS by 8 cents, once integration is fully completed over the next six months. Ebix expects Miles Software to continue to grow at an annual rate of over 20%, with operating margins of 30% or more.

Ebix funded the acquisition using internal cash reserves and did not engage any investment bankers.

Aarayaa Advisory Services served as the exclusive financial adviser to Miles Software.