Diversified financial services player Centrum Group has decided to exit its forex business under the brand name Centrum Direct by selling it to Atlanta-based Ebix Inc. for around Rs 1,200 crore.
Nasdaq-listed Ebix has over 50 offices across five continents and offers on-demand software and e-commerce services to insurance, financial and healthcare industries.
As part of the deal, the entire Centrum Direct team and assets will be transferred to Ebix and will become part of EbixCash, an end-to-end financial exchange, the Jaspal Bindra-led company said in a statement today. The deal, subject to shareholder and regulatory approvals, is expected to be closed in 60 days.
In 2017, Centrum had divested 18.5 percent of its stake in Centrum Direct to a group of private equity investors including Jacob Ballas, New York Life and Evolvence.
Centrum Direct, which handled transactions worth Rs 10,000 crore in financial year 2018, has a customer base of over 3 million and offers services like sale and purchase of forex, overseas remittances, travel cards and travelers cheques.
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