Mumbai : Ebix, a software provider for the financial sector, on Tuesday announced that it will be acquiring city-based Miles Software for $19 million.
The company has signed an agreement to acquire the nearly two-decade old Miles, which entails a payout of $19 million upfront and an additional up to $8.5 million in the next two years on meeting milestones, it said.
Miles focuses on providing on-demand software on wealth and asset management to banks, asset managers and wealth management firms.
It clocked $8 million in revenues with a pretax profit margin of 8 per cent in 2017, the release said.