Ebix, a US-based provider of software and e-commerce services to the financial services sector, has wrapped up the acquisition of the inward international remittance business of India-based Transcorp International.
Transcorp is one of the top five largest international remittance firm in India, with around 10% share of Western Union’s inward remittance flows in the country.
The transaction, valued at around $7.4m, was first announced in January this year.
The acquired business has 7,500 distribution outlets, 40 branches, and processes nearly 1.7 million transactions annually.
The deal is Ebix’s fourth remittance related purchase. Previously it acquired YouFirst Money Express Private, Paul Merchants and Wall Street Finance.
All these acquired entities will be consolidated into EbixCash Financial Exchange operations. The addition of the Transcorp business increases EbixCash Financial Exchange reach to 231,500 physical distribution outlets.