EbixCash Financial Exchange reported revenue of $11.1 million for the quarter ended September 2017 (Q3 2017). In Q2 2017, EbixCash Financial exchange reported revenues of $8.4 million. Nasdaq-listed Ebix, which provides software for the insurance, financial, e-governance and healthcare industries, renamed ItzCash as EbixCash after it bought the company for $120 million in August. Ebix said that it wanted to build a financial exchange following the deal and has been on an acquisition spree in India and has been stepping up its operations. - It bought three cross-border money transfer companies - YouFirst Money Express, Wall Street Finance, and Paul Merchants within one month. - It acquired online travel agent (OTA) Via.com for $74.9 million. - It started a joint venture with the Bombay Stock Exchange for setting up an insurance distribution network. The money transfer businesses and Via will be under the umbrella of EbixCash along with ItzCash's operations. At the time of acquisition, Ebix said that the revenues would be accretive immediately to the company. Accordingly, in Q3, YouFirst reported revenues of $540,000. "Revenues from the acquisition of Paul Merchants, Wall Street Finance and Via will be reflected in the Q4 2017 results," Darren Joseph, corporate VP of finance said in a call with analysts. "Our explosive growth over the last nine months has been in two key markets, India and Latin America. The Indian venture showed 271% year-over-year growth in the nine-month period ending September 30, 2017, by growing to $37.5 million from $10.1 million in the same period in 2016," Joseph…
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