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Yatra.com terminates $337 Million merger pact with Ebix

8Jun By NitishNo Comments

BUSINESS

Yatra.com terminates $337 Million merger pact with Ebix

Online travel company Yatra Online said it is terminating pending merger agreement with the US-based software firm Ebix Inc and has filed litigation seeking substantial damages from Ebix over breaches of the agreement. Ebix Inc had signed an agreement to acquire Yatra Online Inc, the parent company of online travel firm Yatra.com, for an enterprise value of USD 337.8 million (over Rs 2,300 crore) in 2019. The company, "has provided notice of termination of its pending merger agreement with Ebix Inc and filed litigation in the Court of Chancery of the State of Delaware over Ebix's breaches of the merger agreement," Yatra Online Inc said in a statement. Yatra Online Inc seeks to hold Ebix accountable for breaches of its representations, warranties and covenants in the merger agreem...

Ebix acquires Travel Website Yatra.com for $337.8 million

17Jul By PriyankaNo Comments

ACQUISITION

Ebix acquires Travel Website Yatra.com for $337.8 million

NEW YORK–July 17, 2019 –Ebix has acquired one of the leading Indian travel platform Yatra.com at an enterprise value of $337.8 million. Ebix is a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. Yatra Online is the parent company of Yatra Online Pvt. Ltd., India's leading Corporate Travel services provider and one of India's leading online travel companies. Following the completion of the transaction, Yatra will become part of Ebix’s EbixCash travel portfolio alongside Via and Mercury and will continue to serve customers under the Yatra brand. The transaction will create India’s largest and most profitable travel services company, and a leading online travel platform poised to captur...

Ebix offers $336 Million to acquire Yatra.com

13Mar By PriyankaNo Comments

ACQUISITION

Ebix offers $336 Million to acquire Yatra.com

US-based software firm Ebix Inc Monday said it has offered to acquire Yatra Online Inc, the parent company of online travel firm Yatra.com, for $336 million (over Rs 2,345 crore). The company has sent a letter to the Board of Yatra Online, Inc outlining offer to acquire 100 per cent of the outstanding stock of Yatra Online for $7 per share on a debt-free basis, Ebix Inc said in a statement. Gurugram-based Yatra.com is a major player in the online travel sector and provides services including domestic and international air ticketing, hotel bookings, homestays, holiday packages, bus ticketing, rail ticketing, activities and ancillary services. Ebix intends to merge Yatra Online in the company's Indian EbixCash subsidiary set up, it added."The Ebix offer, based on approximately 48 mill...

Ebix Acquires 67% Stake in Delhi-based B2B Marketplace

24Oct By Gauri SinghNo Comments

ACQUISITION

Ebix Acquires 67% Stake in Delhi-based B2B Marketplace

Ebix Inc has reportedly acquired 67% stake in a Delhi-based B2B marketplace called Routier for trucking logistics. Routier is the first start-up where Ebix has made a strategic investment. Ebix is basically a Nasdaq listed international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. On the other hand, Routier is a cloud-based technology to change the way people move and receive inland goods in India. This particular deal has been taken forward by one of its India-based EbixCash subsidiaries. Routier was founded by Ankur Dahiya and Adwait Vikram Singh who are the first generation entrepreneurs and operating team senior executives. The company expects to revolutionize trucking logistics in the same way taxi logi...

Ebix India Buys Out Two Companies in Travel Space

3Aug By Gauri SinghNo Comments

ACQUISITION

Ebix India Buys Out Two Companies in Travel Space

The Indian subsidiary of Ebix Group has reportedly acquired two travel companies namely Mercury Travels and Leisure Corporation. According to the reports, the deal is worth $14.2 million. The acquisition has been made with an aim to create a separate division to focus on the niche travel market in India. Mercury Travels is a Mumbai-based company whereas Leisure Corporation is Delhi-based. "We are excited to be able to bring these two leading companies together, with the goal of creating a pioneering luxury travel initiative. Between this Mercury initiative and our existing Via.com travel initiative, EbixCash is now uniquely positioned as a financial exchange that has end-to-end travel solutions for all sections of the society,” said Robin Raina, Ebix CEO. A new travel division is bein...

Indus Software Taken Over By Ebix For $29 million

21Jul By Gauri SinghNo Comments

ACQUISITION

Indus Software Taken Over By Ebix For $29 million

Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. Recently announced that it has acquired India based Indus Software Technologies Pvt. Ltd. (Indus), a global provider of enterprise Lending software solutions to financial institutions, captive auto finance and telecom companies, for approximately $29 million including $5 million of contingent earn-out. Indus will be tightly integrated into Ebix’s Financial Exchange, EbixCash offering in India and abroad, with key Indus business executives becoming an integral part of the combined EbixCash senior leadership. The acquisition of Indus will increase the employee strength of Ebix in India by 900 to approximately 7,200 ...

Post Ebix-Via Acquisition, Via Executives Leave the Company

2Apr By Sheldan RungasamyNo Comments

News

Post Ebix-Via Acquisition, Via Executives Leave the Company

Via, the online travel platform that was recently acquired by US company Ebix at the end of October 2017 is reportedly seeing the successive departures of its senior leader members; notably, Chief Business Officer, Paroma Chatterjee and Chief Finance Officer, Sujit Neha according to anonymous sources close to the company. Ebix, acquired Via for $75 million and are now envisaging using is workforce to expand its core payments and remittance relating to travels with its insurance businesses. Ebix and the Bombay Stock Exchange recently agreed on a Memorandum of Understanding on establishing a jointly an insurance distribution network in India. According to anonymous sources, the departures of the two senior executive is directly related to Via change of power. Unlike its rivals MakeMyTr...

Ebix To Acquire Online Travel Platform Via.com

1Nov By AnkitaNo Comments

ACQUISITION

Ebix To Acquire Online Travel Platform Via.com

Ebix Inc, the parent company of ItzCash, has marked its fifth acquisition in India by acquiring Sequoia backed online travel portal Via.com, it said in a press statement. This acquisition marks U.S. based on demand software supplier Ebix's distribution network to over 224,000 outlets in South-east Asia, besides offering significant cross-selling opportunities for Ebix’s EbixCash (former ItzCash) Financial Exchange portfolio of products, the company said. Bengaluru based Via.com's enterprise value for the transactions was $74.9 million, which is expected to be carried out within few days. Via.com is a travel deals aggregator and ticket booking portal and sells holiday packages. Operated by Flightraja Travels Pvt. Ltd, it was founded back in 2007 by Vinay Gupta and Amit Aggarwal. ...

US Based Ebix Acquire 80% Stake in India Based Digital Payment Startup Itzcash For 800 Crores

25May By AdityaNo Comments

ACQUISITION

US Based Ebix Acquire 80% Stake in India Based Digital Payment Startup Itzcash For 800 Crores

US headquartered Ebix today said it has invested about Rs 800 crore to acquire 80 per cent stake in payment solutions exchange ItzCash. Ebix is an international supplier of on-demand software and e-commerce services to the insurance, financial, e- governance and healthcare industries. Founded in 2006, ItzCash is Indias leading digital payments firm, the company has since expanded verticals such as remittances, financial services, corporate solutions, PoS and payment gateway. With the new investment by Ebix, the company is looking to foray into areas such as credit, insurance, healthcare and investments to accelerate growth momentum going forward, a release said. "We are big believers in the power of exchanges and thus have been keen to take an early position in India in terms o...