Leading insurance exchange Ebix today said it is acquiring Bengaluru-based online travel company Via.com, a move which will help the former further expand its distribution network in South East Asia.
Ebix's Singapore arm has entered into an agreement to acquire Via.com, which has been valued at about $ 74.9 million.
The deal is expected to close in the next few days. The acquisition is expected to be accretive to Ebix' earnings immediately, the insurance exchange said in a statement. Ebix expects the business to generate around $ 33 million in GAAP revenues in 2018 with nearly 30 percent operating margins.
Bengaluru-based Via, which was set up in 2007, has over 110,000 distribution outlets and 8,000 corporate clients. It processes over 24.5 million transactions every year.
The company's integrated online platform offers mobile Phone Recharges, Money Transfer, Insurance, Prepaid Gift Cards & Retail Products, besides Domestic & International Air, Hotel & Holidays, Rail, Bus and Rental Car bookings.
I believe that the addition of Via's integrated platform into our rapidly growing EbixCash financial exchange places us in a very strong position to implement our vision related to Financial Exchanges in the South East of Asia.Robin Raina, Chairman, President and CEO, Ebix
“This allows us tremendous cross-selling opportunities through each other's distribution networks as our product portfolio is complementary and a perfect fit for each of our distribution outlets and corporate clients,” he added.
It was important for Ebix to take a strong position in the travel area since insurance, remittances, phone recharges, prepaid gift cards, among others are the things that complement a consumer's needs when they engage in travel, Robin noted.
The Via distribution network encompasses over 85,000 agents in India, 14,700 agents in Indonesia, 9,900 agents in Philippines, 600 agents in Singapore and 350 agents in UAE and Oman.
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