Ebix Bid for Bus Exchange Solution Provider- Trimax IT Services, Approved by Committee of Creditors
Ebix, Inc. (EBIX)
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Source: GlobeNewswire
NOIDA, India and JOHNS CREEK, Ga., Nov. 15, 2019 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries today announced that its Indian subsidiary has been declared as the successful bidder and issued a letter of intent by the committee of Banks and financial institutions, for the purchase of IT assets of Mumbai based Trimax IT Infrastructure and services Ltd. The purchase is on a 100% debt free basis. Once the closing is accomplished, all the Trimax assets (excluding the smart city technology assets) will become a part of EbixCash’s Bus Exchange and Financial Technologies business in India. Ebix expects the Trimax asset purchase to deliver approximately $30 million in revenues in the year 2020 with operating income of approximately $10 million in the year. Trimax is India’s dominant leader in the area of Bus Exchanges handling $1.7 Billion of ann
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