Ebix to acquire money transfer biz of YouFirst Money Express

US-based software services firm Ebix today said it will acquire remittance business of YouFirst Money Express for an undisclosed amount.

On-demand software supplier to BFSI sector Ebix is the parent company of fintech solutions provider ItzCash Card.

YouFirst is the third largest international remittance services provider in India.

Today's announcement to acquire YouFirst comes just days after Ebix acquired Money Transfer Service Scheme (MTSS) assets of Wall Street Finance last week.

"The acquisition of YouFirst and Wall Street MTSS inward remittance assets, gives Ebix approximately 25 per cent of the inward international remittance market in India," Ebix said.

The company said the recent acquisition deals will further strengthening its position in the financial exchange market in India.

"We expect that the consolidation of YouFirst and Wall Street assets into our existing financial exchange infrastructure will enhance our operating margins substantially, in the segment in India," Ebix Chairman, President and CEO Robin Raina said in the statement.

ItzCash Card is a player in digital prepaid payments.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)