Ebix acquires Miles Software for $19 mn

Ebix, a software provider for the financial sector, Tuesday announced that it will be acquiring city-based Miles Software for USD 19 million.

The company has signed an agreement to acquire the nearly two-decade old Miles, which entails a payout of USD 19 million upfront and an additional up to USD 8.5 million in the next two years on meeting milestones, it said in a release.

Miles focuses on providing on-demand software on wealth and asset management to banks, asset managers and wealth management firms.

It clocked USD 8 million in revenues with a pretax profit margin of 8 per cent in 2017, the release said, adding that once integrated, the business can deliver 20 per cent growth and 20 per cent margins.

The target company counts on over 300 companies across 18 different countries in Europe, the Middle East and South-East Asia as clients.

Ebix's chairman, president and chief executive officer, Robin Raina, said Miles' businesses complement its own offerings.

"It also opens up cross selling opportunities for Ebix solutions to Miles' customer base in 18 countries," he said, adding that Ebix plans to expand Miles' offerings to the United States, Australia and Brazil.