Ebix subsidiary acquires assets of two travel companies with GMV of $140M
Ebix announced that one of its Indian subsidiaries has signed agreements to acquire the assets of Delhi based Pearl International Tour & Travels and Mumbai based Lawson Travels & Tours. The two companies cumulatively conduct a gross merchandise value, or GMV, of approximately $140M Both these companies will be integrated into EbixCash's Via travel division. The acquisition of the assets of the two companies will increase EbixCash's travel expanse across its two travels brands Via & Mercury, to a total GMV of $1.16B. Besides increasing EbixCash's travel foothold by 10,000 agents, it will also add 300 corporate clients and B2C portals to the EbixCash travel spectrum of products and services. The two acquisitions will cumulatively add approximately 450+ employees, 11 branches and 10,000 agents, leading to EbixCash's travel portfolio having 2,200+ employees, 212,450+ agent network, 25 branches and 9800+ corporate clients. Ebix believes that the two acquisitions once fully integrated into its Via division will generate operating margins of 30% or more, over the next few months. Ebix expects the acquisition to be immediately accretive to its earnings. Ebix funded the acquisition using its internal cash reserves and did not use any investment bankers for the transaction.