US-based software firm Ebix has acquired 80 per cent stake in SaaS-based on-demand travel technology solution provider Zillious.
Ebix is funding the transaction in cash using its internal cash reserves. The further financial terms of the acquisition could not be ascertained.
Following the deal, Zillious will remain a non-aligned technology platform while Ebix will promote it internationally in key markets like the Middle East, US, and Asia.
The promoter founders of Zillious, Harsh Azad and Rohit Gaddi, along with their team will continue to be a part of the venture, reports ET.
Zillious is an end-to-end technology solution provider & business process consulting firm for the travel industry that include corporate, travel agents and Online Travel Agents(OTAs) among others.
The Delhi-based startup works with seven out of the top 10 TMCs and it claims to process over 8 million travel bookings annually, with Gross Merchandise Value (GMV) of approximately $1.4 billion per annum.
Apart from expanding its footprint, Zillious will also hire more people to meet the increased volume of work in the coming months.
For Ebix, the acquisition will help them to replicate their past success in the Indian travel industry. The NASDAQ-listed firm is a supplier of on-demand software and e-commerce services to the insurance, financial, e-governance and healthcare industries.
The firm has acquired over 40 companies across the world and has been focussing on Indian travel tech firms. In November 2017, it acquires Bengaluru-based online travel company Via.com for $75 million.
The parent company of Mumbai-based digital payments company ItzCash, had also acquired BSE-listed Paul Merchants Ltd’s International remittance business for Rs 262.77 crore.
The company is looking for an IPO in India and intends to invest over $500 million in the country.