Ebix, Inc., an international supplier of on-demand software and e-commerce services to the insurance, financial, healthcare and e-learning industries today announced that its EbixCash World Money Limited subsidiary in India has entered into an agreement to acquire 100% assets of India-based Essel Forex Limited, for approximately £6.3m.
With a national network of 44 branches in 31 cities serviced by over 400 employees, Essel Forex has been one of the five largest Foreign exchange providers in India with a wide spectrum of related products including sales of all major currencies, travelers’ checks, demand drafts, remittances, money transfers and prepaid cards primarily for the corporate clients.
The acquisition of Essel Forex following the recent announcement of the Weizmann acquisition, further strengthens EbixCash’s position as the largest Financial Exchange in India, besides being the undisputed leader in the inward remittance, outward remittance and foreign exchange markets in India.
Ebix Chairman, President and CEO Robin Raina said: “Essel Forex has a rich focus on the corporate clientele with strong partnerships with many leading banks. Their geographical, product and client overlap with EbixCash made the synergies rather compelling. We remain committed to establishing the Indian sub-continent’s largest Financial exchange and this is another step in that direction.”
Amitabh Chaturvedi, MD & CEO Essel Finance commented: “As part of the next phase of growth of Essel Finance, we have decided to focus more on the fund based activities such as NBFC, HFC and Asset Management actives such as Mutual Fund, Private Equity and accordingly we are exiting the transactional business. The sale of Essel Forex’s business to Ebix Cash WorldMoney is a part of that strategy.”