Ebix acquires Miles Software

Ebix Inc. has agreed to acquire Mumbai-based Miles Software Solutions Pvt Ltd for about $19 million (Rs 136 crore), as the NASDAQ-listed company shows no sign of slowing its spree of acquisitions in India. The transaction involves an additional contingent earn-out of up to $8.5 million payable after two years, Ebix said in a statement. Miles provides wealth and asset management on-demand software to banks, asset managers and wealth management firms. It has more than 300 financial service customers across 18 countries in Europe, the Middle East and Southeast Asia. Ebix said it believes the business can continue to grow at the rate of more than 20 per cent annually with operating margins of 30 per cent or more, once fully integrated with the company over the next six months. It expects the acquisition to immediately add to its earnings. All key Miles business executives will join Ebix. Miles co-founder Milan Ganatra will become a member of the senior leadership team of EbixCash, the company's inward remittance exchange, in India. The deal is at least the 11th acquisition by Ebix in India over the past two years.