One year three months after acquiring travel website Via.Com,insurance software firm Ebix Inc. has acquired 80% stake in travel technology company Zillious Solutions Pvt. Ltd for an undisclosed amount.
Ebix, Inc. a leading international supplier of on-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries confirmed on Wednesday about the acquisition pf the New Delhi based Zillious Solutions Private Limited.
Zillious was founded in 2008, by Harsh Azad and Rohit Gaddi, is an on-demand SaaS travel technology solution, with market leadership in the corporate travel segment in India. The Zillious Exchange processes over 8 Million travel bookings annually, which conducting Gross Merchandise value of approximately $1.4 billion per annum.
Ebix is funding the transaction in cash, using its internal cash reserves. The acquisition is expected to be accretive to Ebix earnings immediately.
Ebix intends to keep Zillious as a non-aligned technology platform, that it intends to promote internationally in key markets like the Middle East, US and Asia besides further establishing it as a pure-play on-demand travel technology exchange within India. Towards that extent, Ebix has retained both the Promoter founders of Zillious – Harsh Azad and Rohit Gaddi along with all their domain intensive staff, while empowering them to continue to lead Zillious in its mission of non-aligned technology play. Accordingly, the Zillious platform will continued to be offered to the entire travel industry with a glass wall protection for the client base.
Zillious is a pure-play on-demand technology initiative to enable end-to-end technology needs of travel management companies (TMCs), travel agents and OTAs in the travel industry. The Company is a market Leader in the Indian Corporate Travel technology space, serving 7 out of top 10 TMCs. The Company prides itself on its non-aligned infrastructure play positioning in the markets enabling the functional travel solution of leading diverse competitors in the travel industry in the country.
In last 15 months, Ebix has acquired 12 companies in the Indian financial space, investing a little over $500 million (Rs 36.2 billion), in areas as varied as foreign exchange providers to a prepaid wallet card.
The US-based company has recently acquired Miles, a wealth management software company, for $19 million. Ebix has also acquired foreign exchange provider Centrum Direct, and international money transfer company Transcorp.
