Nasdaq-listed Ebix is close to finalising a deal to acquire Weizmann Forex, a foreign exchange and domestic remittance player based in Mumbai, two sources told Moneycontrol.
Atlanta-based Ebix is an international supplier of on-demand software and e-commerce services to the insurance, financial, e-governance and healthcare industries.
Weizmann Forex operates in the foreign exchange and remittance market. It is a part of the Rs 4,500-crore Weizmann Group, which has interests in textile manufacturing and exports, hydro and wind-power generation, as well as foreign exchange transactions and inward money transfer.
Ebix has been on an acquisition spree in the last one and a half years. Over the past 15 months, it has acquired 11 companies in the Indian financial space, investing a total of little over $500 million.
“Ebix aims to become a dominant player in its sector in India.The company is also open to buying more, to add to its financial and insurance exchange stack,” said one of the sources mentioned above.
According to the World Bank, India tops the list of nations in terms of remittances received. In 2017, the country received more than $60 billion in remittances, which is around 0.6 percent of the national GDP.
Ebix recently acquired Miles, a wealth management software company, for $19 million. It has also acquired travel website via.com, foreign exchange provider Centrum Direct and international money transfer company Transcorp.
Other companies acquired by Ebix include ItzCash (now EbixCash), Paul Merchants, Indus Software, Mercury Travels, YouFirst Money Express, Smart Class Educational, and Wall Street Finance.