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NASDAQ listed Ebix acquires 80% in Itz Cash for $120 million

NASDAQ listed Ebix has acquired 80% stake in ItzCash for Rs 800 crore ($120 million) from US-based, giving investors Matrix Venture Partners, Intel Capital, and Lightspeed Venture Partners exits. The Essel Group (Zee) will continue to hold 20% in the company. Ebiz is a supplier of on-demand software and e-commerce services. Ebix supplies software to the insurance, financial, e-governance and healthcare industries, and currently operates in 40 countries, including India. Under the terms of the agreement, ItzCash, which is probably India's oldest wallet company, was valued at a total of approximately $150 million. Ebix will pay upfront cash of $76 million and a contingent earn out of up to $44 million payable over a period of 3 years from the closing of the deal. This is the second instance of a listed company buying a wallet license holder in India, after Calpian bought Money On…

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