Ebix acquires Miles Software for $19 million

With 160 deals, IT and ITES was the busiest sector followed by manufacturing and healthcare (47). The banking, financial services and insurance (BFSI) space was third, recording 41 deals. Let's take a look at the biggest mergers and acquisitions in India this year. (Representative image)

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

The company has signed an agreement to acquire the nearly two-decade old Miles, which entails a payout of $19 million upfront and an additional up to $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 $8 million in revenues with a pretax profit margin of 8 percent in 2017, the release said, adding that once integrated, the business can deliver 20 percent growth and 20 percent 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.