Ebix Inc, the parent company of ItzCash, has acquired Money Transfer Service Scheme (MTSS) Business of YouFirst Money Express Private Limited for an undisclosed amount. This is Ebix's second acquisition in the month and bought the money transfer assets of Wall Street Finance Limited on August 17. The company mentioned funded the transaction using its internal cash reserves. Ebix added that the acquisitions will be accretive to its earnings immediately. ItzCash is now diversifying to international inward remittances and the acquisition will give Ebix access to an MTSS licence. Meanwhile, YouFirst Money Express says that it has a market share of almost 15% percent of Western Union's India inward remittance flows. It handles over 2.3 million transactions annually with an annual throughput of over $800 million. ItzCash had entered cross-border remittances with a partnership with Prabhu Money Transfer, a remittance company in Nepal, allowing Nepali migrants in India to send money back home. The acquisitions will be consolidated into the Ebix ItzCash's Financial Exchange operations. When Ebix acquired 80% of ItzCash's stake, the companies said that they would be building a Financial Exchange and wanted to expand to insurance, lending & credit, mutual funds & investments segments. The two acquisitions will also help ItzCash build its distribution and financial exchange. Currently, the exchange has 75,000 outlets from ItzCash and the deal will increase the number of outlets to 94,000 across the country. Financials and new businesses ItzCash reported revenues of Rs 250 crores for the financial year 2016-17 (FY17), a growth of 40% year on year…
