Zillious Solutions Private Limited has offloaded 80% stake to Ebix Inc. through its Indian arm Ebix Software India.
Zillious will remain a non-aligned technology platform, and Ebix will promote it internationally in key markets like the Middle East, US and Asia, besides further establishing it as a pure-play on-demand travel technology exchange within India. Both the promoter founders of Zillious, Harsh Azad and Rohit Gaddi, along with all their domain intensive team will continue to work towards this endeavor. Accordingly, the Zillious platform will continue to be offered to the entire travel industry with a glass wall protection for the client base.
Ebix is funding the transaction in cash, using its internal cash reserves. The acquisition is expected to be accretive to Ebix earnings immediately.
“Our decision to offload a majority stake to Ebix was based on our Long term Vision to have a Global footprint by expanding to US, UK, Asia, Australia & New Zealand. With Ebix’s Global reach we will be able to fulfill this vision faster and seamlessly. We at Zillious have been passionately Non-Aligned and independent. In Ebix, we found a partner which was in tune with our core philosophy. This decision will benefit our existing and potential customers immensely”, says Mr. Harsh Azad, Co-founder and Director Zillious.
“Ebix will help us grow across the globe and the Zillious team will continue to grow with us. Infact, to meet the increased volume of work, we will look at hiring tactically, shortly. Our customers will not only be serviced by the same Zillious teams but will also have access to cutting edge technology on a global level. We remain committed to working with our clients and spearheading the team in the best way possible. We will remain at the helm and lead from the front”, says Mr. Rohit Gaddi, Co-founder and Director Zillious.
Ebix Chairman of the Board, President and CEO Robin Raina said, “Ebix has a successful track history of two decades in terms of providing non-aligned technology solutions, with Ebix bullet proofing its clients from data privacy or data sharing or any alignment concerns. We have been in the business of setting up technology airports to power transactions, without taking any sides for decades now. Thus, this acquisition was a natural one for us as it allowed us to do the same in India’s fast-growing travel industry.”