EbixCash, the Indian subsidiary of Ebix Inc, a supplier of on-demand software and ecommerce services, has signed an acquisition deal with Mumbai-based Mercury Travels and Delhi-based Leisure Corp for nearly $14.2 Mn cumulatively.
Oberoi Hotels chain-backed Mercury Travel has a pan India network of 40 preferred sales agents (PSAs), 20 branch offices across 16 major cities in India. It has 350 employees working across its marketing offices in London, Hamburg and Frankfurt.
Whereas, Leisure Corp is event-based travel business with focus on financial and insurance industries.
Post-Acquisition Plans For Ebix
Post acquisition, Ebix plans to add a new travel division named ‘Mercury – An EbixCash Luxury initiative’. Ebix intends to consolidate the acquisitions into its financial exchange, EbixCash. With the acquisition, Ebix will have two brands in travel – Via.com and Mercury.
Ebix CEO Robin Raina said “We are excited to be able to bring these two leading companies together, with the goal of creating a pioneering luxury travel initiative. Between this Mercury initiative and our existing Via.com travel initiative, EbixCash is now uniquely positioned as an financial exchange that has end-to-end travel solutions for all sections of the society.”
The latest initiative by Ebix will focus on luxury, events and sports-related travel to be led by Leisure Corp founder Naveen Kundu who will hold 15% shareholding in this new initiative, while Ebix will have a controlling 85% share in the venture, the company said in a statement today.