JSA, Khaitan, Rajaram act on Ebix acquisition of stake in ItzCash for 800 crore

Bar & Bench May 26 2017

US-based software firm Ebix Inc. has acquired a majority stake in payments services firm ItzCash for Rs. 800 crore (approximately $124 million) from Essel Group and other shareholders.

The transaction also provided an exit to ItzCash’s existing venture capital shareholders Matrix Partners, Intel Capital and Lightspeed Venture Partners.

J. Sagar Associates advised Ebix with a team led by Partner Sujoy Bhatia along with Principal Associate Zain Pandit and Associate Adhiraj Gupta.

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