EbixCash acquires Essel Forex and Weizmann

Chennai: Ebix, Inc, supplier of on-demand software and e-commerce services has stated that it has acquired Essel Forex Limited and Weizmann Forex Limited.

The acquisitions strengthen EbixCash’s position as the largest Financial Exchange in India, besides being the leader in the inward remittance, outward remittance and foreign exchange markets, a statement from the firm reiterated.

EbixCash World Money Limited, Indian subsidiary of Ebix, Inc, will acquire 100 per cent assets of Essel Forex Ltd for approximately $8 million. Ebix will be funding the entire transaction in cash, using its internal cash reserves.

Prior to the acquisition, EbixCash World Money also entered into an agreement to acquire a 74.84 per cent controlling stake in Weizmann Forex Ltd.