Continuing its acquisition spree in India, US-based technology firm Ebix, Inc has acquired a 60% stake in Indian education firm Smartclass Educational Services Pvt Ltd.
Under the conditions of the arrangement, Ebix will cover around $8 million in cash for its position in Smartclass. The startup is engaged in the company of education solutions, development of instruction goods, and execution of instruction options for K-12 Schools. The deal marks a foray in the education technology (edtech) market in India for Ebix, that is on the prowl for financial services companies in the nation. Before this month, it obtained Centrum Group’s currency market industry, Centrum Direct, to get about Rs 1,200 crore ($185 million).
Before this season, Ebix also obtained the Cash Transfer Service Scheme (MTSS) company of India’s Transcorp International Ltd for roughly $7.4 million via a few of its Indian subsidiaries. In 2017, Ebix had obtained five or more companies in India, such as purchasing Indian online travel and e-commerce market Via.com for approximately $75 million. Ebix was eyeing the Indian schooling space for a while.
Ebix also is in the fray to obtain debt-laden Educomp Solutions. “We’ve been eyeing India’s fast-growing e-learning industry for several decades today, fueled by instruction being among the maximum spending places traditionally for the Indian median household. Towards this extent, we’ve allowed a $100 million figure for investment in India’s e-learning industry and also the purchase of Smartclass is a reasonable first step for Ebix to set its own presence in the nation’s e-learning markets,” explained Ebix chairman, president and CEO Robin Raina. Ebix supplies on-demand applications and e-commerce solutions to the insurance, financial, e-governance and healthcare businesses internationally.