Narayan AmmachchiGlobal software solutions provider Ebix has acquired Indian asset and wealth management software vendor Miles Software for around US$19 million.
Headquartered in Atlanta, Georgia, Ebix says it is hopeful that Miles will significantly boost its offerings to the financial services industry.
The latter company posted around US$8 million in revenue for the last fiscal year ending in March 2018.
Miles Software, headquartered in Mumbai, claims to have more than 300 customers in 18 countries across Europe, the Middle East, and South-East Asia.
Founded in 1999, Miles makes 44% of its revenues from Indian operations, with the remaining coming from foreign clients, who include the likes of AbuDhabi Bank, State Bank of Mauritius, and Land Bank of Philippines.
The company’s flagship product MoneyWare has been listed as the number one private banking solution by IBS Intelligence.
Once the deal is closed, Miles will be folded into Ebix Investment, which is currently offering software for banks and insurance companies.
“The addition of Miles to our EbixCash portfolio not only makes our financial exchange offering even more comprehensive, but also provides us with a senior management team that is proven and highly respected in the industry,” said Robin Raina, CEO of Ebix, in a statement.
Ebix will retain most of the senior executives of the Indian company, asking its Founder, Milan Ganatra, to lead Ebix’s efforts in gaining a wider foothold in the global wealth and asset management industry.
Ebix has operations in Brazil and Britain, in addition to the United States. More than 7,500 Ebix employees are serving Indian clients, according to Milan Ganatra.
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