Corporate Feature     

Published: May 31, 2024
Updated: May 31, 2024

Eraaya Lifespaces Ltd

Move to acquire 100% of the equity of EBIX INC., USA

Eraaya Lifespaces Limited (BSE : ERAAYA) has announced that a consortium of members led by Eraaya has submitted a term sheet to the independent directors of Ebix, Inc. USA to acquire 100% of the equity of Ebix which, if accepted by the company, would be effectuated under a Chapter 11 Plan of Reorganization to be negotiated between the parties and other major stakeholders. The Plan would be subject to Bankruptcy Court approval in accordance with the provisions of the United States of America Bankruptcy Code.

The consortium will submit a 5% cash deposit to the debtors upon the execution of a binding stalking horse agreement. The proposal provides for the acquisition by the consortium of 100% equity and assets in the worldwide subsidiaries of Ebix while excluding all liabilities in the North American Company, other than those liabilities which may be expressly assumed by the consortium to be identified in the stalking horse agreement.

EBIX INC. is a leading international supplier of OnDemand software and E-commerce services to the insurance, financial and healthcare industries, EBIX INC., (NASDAQ: EBIX) provides end- to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and risk compliance solutions to custom software development for all entities involved in the insurance industry

The “Phygital” strategy at EBIX combines 320,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange conducting over $4.8 billion in gross transaction value per year. EbixCash’s inward remittance business in India conducts approx. $5 billion gross annual remittance business. EbixCash, through its travel portfolio of Via and Mercury, has processed an estimated $2.5 billion in gross merchandise value per annum.

With 50+ offices across the globe, Ebix powers multiple exchanges across the world in the field of life, finance, health and property & casualty insurance while conducting in excess of $100 billion in insurance premiums annually on its platforms.

Eraaya Lifespaces is a premier lifestyle and hospitality company dedicated to curating unforgettable experiences worldwide. Rooted in a passion for excellence, we blend luxury, comfort, and style to create immersive environments that transcend mere existence. Its portfolio celebrates India’s rich culture and heritage, offering unique escapes in iconic destinations. Whether it’s crafting flawless events or producing innovative content, Eraaya Lifespaces is committe to exceeding expectations and creating memories that last a lifetime. Welcome to Eraaya, where luxury and heritage converge in perfect harmony.

While Eraaya stands as a beacon of innovation and excellence in its current domain, with a solid foundation built on determination, guided by a clear vision, informed strategy, and unwavering commitment to excellence, the company has garnered recognition in the industry.

Eraaya is seeking to thrive, expansion beyond its current scope as a strategic option embracing new business fields presents a promising avenue for growth, diversification, and sustained relevance in an ever-evolving market. Eraaya has set its sight on exploring new business fields, driven by a vision to expand its horizons and unlock fresh opportunities via mergers and acquisitions of a varied bunch of businesses.

Eraaya Lifespaces embarks on this transformative journey of expansion into new business fields, the company is poised to carve a new path of success, driving innovation, and creating value for stakeholders while shaping the future of business in dynamic and unprecedented and unforeseen ways.