Leveraging its technology, exchange expertise, India presence and strong cash flow and cash position, $EBIX today announced the purchase of an 80% stake in a leading digital payments provider in India. The purchase price is $120M - valuing ItzCash at $150M - and involved $76M at closing and a contingent earnout of $44M over 3 years. The Indian government is very committed to bringing all aspects of Indian life into the digital realm in order to improve quality of life and better address the needs of its burgeoning population. Ebix is teamed with the prominent India conglomerate Essel Group on its ItzCash investment. Today's release is here: finance.yahoo.com/news/ebix-takes-leader... ItzCash website its here itzcash.com
Disclosure: I am/we are long EBIX.
Additional disclosure: My firm represents Ebix in its investor relations efforts - and I have been an extremely satisfied shareholder of Ebix since 2003.