Nasdaq-listed Ebix Inc is a provider of on-demand software and e-commerce services to the insurance, financial, healthcare and e-learning industries.
Bengaluru, 14 Feb, 2019. RedNewswire/-
It has today announced that it acquired 80% controlling stake in Indian on-demand SaaS travel technology solution provider Zillious Solutions Private Limited for an undisclosed amount.
Founded by Harsh Azad and Rohit Gaddi, Zillious is a pure play on demnd technology initiative which enables end to end technology needs of travel management companies (TMCs), corporate, travel agents and online travel agents (OTAs) in the travel industry.
Ebix is funding the transaction using its internal cash reserves. Zillious will remain a non-aligned technology platform while Ebix will promote it internationally in key markets like the Middle East, US, and Asia.
Zillious will also hire more people to meet the increased volume of work in the coming months.
Both the promoter founders of Zillious, along with all their team will continue to be a part of the venture.
The Zillious Exchange claims to process over eight million travel bookings annually, with gross merchandise value (GMV) of approximately $1.4 billion per year.
Harsh Azad, Co-founder, Zillious said, “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.”
Ebix CEO Robin Raina said, “Ebix has a successful track history of two decades in terms of providing non-aligned technology solutions, with Ebix bulletproofing 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.”