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Ebix wins bus fire sale +3

10:52 15-Nov-19


Ebix has announced that its $10M debt-free bid for Trimax IT Infrastructure and Services has been accepted.  Approval from the National Company Law Tribunal is still pending, but Ebix expects the transaction to close in within 45 days and add $30M in revenue and $10M in operating revenue next year.  The creditors will continue to hold about 15% of preferred shares for a minimum of 3 years, while Ebix gets all the common stock.

Trimax handles about 30% of India’s bus ticketing system network, has over 10 state-owned public transport corporations as clients, and is also a leading player in the Financial Services hosting, servicing about a quarter of the country's public banks.

I won't be surprised if this winds up being another messy integration, but it's hard to argue with the price tag, not to mention the increasing clout.