Mumbai: Ebix Inc, a US-listed supplier of software and e-commerce services to finance and insurance companies, on Tuesday said that it has acquired Miles Software, an asset and wealth-management services provider, for at least $19 million dollars. The transaction involves an additional contingent earn out of up to $8.5 million payable after two years, Ebix said. Miles Software provides wealth and asset management on-demand software to banks, asset managers and wealth management firms. In financial year 2017, Miles had revenues of $8 million and a pretax profit margin of 8%. “Miles’s wealth management, asset management, collateral based lending management and custody businesses complement Ebix’s existing offerings to financial institutions, banks, asset managers and wealth managers across the world.

Source: Mint September 05, 2018 04:52 UTC