Ebix subsidiary acquires 80% controlling stake in Zillious Solutions
Ebix announced that one of its subsidiaries in India has acquired an 80% controlling stake in India based Zillious Solutions. Zillious is an on-demand SaaS travel technology solution, with market leadership in the corporate travel segment in India. The Zillious Exchange processes over 8M travel bookings annually, which conducting gross merchandise value of approximately $1.4B per annum. Ebix is funding the transaction in cash, using its internal cash reserves. The acquisition is expected to be accretive to Ebix earnings immediately. Ebix intends to keep Zillious as a non-aligned technology platform, that it intends to promote internationally in key markets like the Middle East, U.S. and Asia besides further establishing it as a pure-play on-demand travel technology exchange within India. Towards that extent, Ebix has retained both the promoter founders of Zillious along with all their domain intensive staff, while empowering them to continue to lead Zillious in its mission of non-aligned technology play. Accordingly, the Zillious platform will continued to be offered to the entire travel industry with a glass wall protection for the client base.