Ebix, a supplier of software and e-commerce services to the financial services industry, has agreed to acquire the money transfer service scheme (MTSS) business of YouFirst Money Express.
YouFirst is said to be the third largest international remittance player in India with a market share of almost 15% percent of Western Union’s inward remittance flows in India.
The companies did not disclose the financial details of the deal.
This is Ebix’s second acquisition in the remittance space in the month following the acquisition of the money transfer assets of Wall Street Finance.
The two acquisitions give Ebix approximately 25% of the inward international remittance market in India.
Ebix revealed that it will merge both these acquisitions into its Financial Exchange operations.
Commenting on the deal, Ebix chairman, president and CEO Robin Raina said: “Following up on the Wall Street Finance’s MTSS assets acquisition announcement a few days back, the acquisition of YouFirst is a significant announcement in our efforts to expand our presence in the Financial Exchange markets in India.It will not only help expand our reach, but also help nurture cross selling and increased revenue opportunities for our distribution outlets.
“We expect that the consolidation of YouFirst and Wall Street assets into our existing Financial Exchange infrastructure will enhance our operating margins substantially, in the Financial Exchange segment in India.”