NASDAQ-listed Ebix Inc. said it is not aware of any news, events, or tariffs other the temporary effect arising out of COVID-19 coronavirus “that would negatively impact” its financial and insurance exchanges and global operations. The company claims to have made “arrangements on all fronts” to address the temporary impact of coronavirus on its business, it said.
Ebix Inc operates in travel, insurance, data exchanges, providers e-commerce software in finance and health. The company’s Indian subsidiary EbixCash accounts for half of the company revenue, and is headed for an IPO planned in by June-July 2020. It has onboarded ICICI Bank, Axis Capital, and Edelweiss as investment banks for the IPO.
Ebix has wide interests in travel
So far, the Indian government has suspended all visas until April 15, and said it will quarantine people arriving from seven virus-hit countries in an attempt to control the spread of the COVID-19 coronavirus in the country.
Ebix has a wide travel portfolio, and has acquired at least a dozen companies in India in remittances, travel, taxis, forex, since 2017. Most recently, it acquired online travel aggregator Yatra, which just waived cancellation fees on all flights in light of the COVID-19 pandemic. Given Ebix’s travel portfolio, the company will likely to be hit in case the pandemic spreads in India and impacts travel within the country.
Ebix has acquired the following Indian travel companies over the past two years:
- Acquired a 80% stake in Indian SaaS travel company Zillious Solutions, in February 2019, and brought its founders onboard. Zillious processes 8 million travel bookings annually.
- Acquired two luxury travel companies in India in August 2018 – Mumbai-based Mercury Travels and Delhi-based Leisure Corp, and consolidated them with Ebixcash. The deals involved purchase of Mercury’s corporate, leisure and adventure related travel business, Leisure Corp’s MICE business in sports and events related travel, and Via.com’s MICE events travel business. Via.com’s acquisition helped Ebix increase its foothold in India and gain ground in South-East Asia, including in Indonesia, the Philippines, and Singapore.
- Its earlier acquisitions were the money transfer business of Paul Merchants, YouFirst Money Express, Wall Street Finance in August-September 2017, and the forex business of the Centrum Group in August last year.
- Acquired intercity taxi service AHA Taxis in December 2018
- Acquired assets of Delhi-based Pearl International Tour & Travels and Mumbai-based Lawson Travels & Tours in January 2019
- Acquired Essel Forex and Weizmann Forex in January 2019