Ebix acquires corporate travel business of cash-trapped Cox & Kings

The company said it has signed a deal with Cox & Kings to transfer it's business travel agreements with corporates in India with EbixCash's Mercury Travel division

Ebix has acquired the corporate travel business from Cox & Kings for an undisclosed sum.  Ebix announced the transaction on Friday. This is the firm’s second acquisition in recent months, after its purchase of Yatra.com. The firm said it has signed a deal with Cox & Kings to transfer its business travel agreements to the EbixCash’s Mercury Travel division.
 
Meanwhile, the company’s auditor, DTS & Associates, also resigned, citing delays in finalisation of the first quarter result. The International Air Transport Association (IATA) terminated its licence. The firm has delayed salaries and defaulted on loan and vendor payments over the past few months. Earlier, the IATA had refused to let Cox & Kings issue tickets on credit, making servicing of corporate customers difficult.  The tour operator has also been forced to close down its business units in Australia and New Zealand.
 
“Under the agreement, key employees of Cox & Kings will be transferred to the EbixCash payroll, with immediate effect. This transfer agreement is part of EbixCash’s efforts to double its revenues from the corporate travel sector by the end of this financial year, from the previous year,” said Ebix.