Zillious Offloads 80 Percent of its Stakes to Ebix
Zillious Solutions, a pure-play on demand technology initiative which enables end-to-end technology solutions, offloaded 80 percent of its stakes to Ebix, a NASDAQ listed leading international supplier of On-Demand software and e-Commerce services to the insurance, financial, healthcare and e-learning industries through its Indian arm Ebix Software India.
Harsh Azad, Co-founder & Director, Zillious, says, “Our decision to offload a majority stake to Ebix was based on our Long term Vision to have a Global footprint by expanding to US, UK, Asia, Australia & New Zealand. With Ebix’s Global reach we will be able to fulfill this vision faster and seamlessly. We at Zillious have been passionately Non-Aligned and independent. In Ebix, we found a partner which was in tune with our core philosophy. This decision will benefit our existing and potential customers immensely”.
Founded in 2008, Zillious is a technology solution provider & business process consulting form for the travel industry. The Zillious exchange processes over eight million travel bookings annually and with a gross merchandise value (GMV) of approximately $1.4 billion per annum. Zillious will remain a non- aligned technology platform, and Ebix will be promoting it internationally in key markets like the Middle East, US and Asia, besides firther establishing it as a pure=play on-demand travel technology exchange within the country. Also, Ebix is funding the transaction in cash, using its internal cash reserves and this acquisition will be accretive to Ebix earnings immediately.
Commenting on the acquisition, Rohit Gaddi, Co-founder & Director, Zillious, says, “Ebix will help us grow across the globe and the Zillious team will continue to grow with us. Infact, to meet the increased volume of work, we will look at hiring tactically, shortly. Our customers will not only be serviced by the same Zillious teams but will also have access to cutting edge technology on a global level. We remain committed to working with our clients and spearheading the team in the best way possible. We will remain at the helm and lead from the front”.
Ebix provides on-demand software and e-Commerce services to the insurance, financial, healthcare and e-learning industries and it has offices across five continents. Robin Raina, CEO, Ebix, says, “Ebix has a successful track history of two decades in terms of providing non-aligned technology solutions, with Ebix bullet proofing its clients from data privacy or data sharing or any alignment concerns. We have been in the business of setting up technology airports to power transactions, without taking any sides for decades now. Thus, this acquisition was a natural one for us as it allowed us to do the same in India’s fast-growing travel industry”.
Read More News:
Facebook adds 5 new partners to fact-checking network in India