Ebix, a provider of software and e-commerce services to the financial services industry, has completed the acquisition of the money transfer service scheme (MTSS) business of YouFirst Money Express and MTSS assets of Wall Street Finance for an undisclosed sum.
Ebix also intends to acquire MTSS business of Paul Merchants, subjected to regulatory approval.
The firm aims at integrating the businesses into its financial exchange operations and make necessary synergies and redundancies to the combined operation.
“The acquisitions are expected to be accretive to Ebix earnings and the funding for all the transactions is done using its internal cash reserves,” the company said in its press statement.
Ebix’s ItzCash exchange currently has more than 75,000 physical retail outlets and the firm believes that three MTSS business acquisitions will increase the distribution reach to over 114,000 outlets across the nation.
Ebix’s ItzCash service is the largest domestic remittance exchange in India and processes approximately 600,000 transactions per day and approximately $2bn in annual payment volume.