India-based payments processing firm ItzCash has been acquired by insurance software developer Ebix for $123m, providing an exit to semiconductor Intel’s corporate venturing arm Intel Capital, according to Inc42.
Ebix now owns an 80% stake in ItzCash, which was valued at $150m for the acquisition. Conglomerate Essel Group will retain the remaining 20% stake in the company.
Founded in 2005, ItzCash offers prepaid debit cards aimed at enterprise users, who can use the cards both online and offline. The company has also expanded into a range of verticals, including point-of-sale systems, remittances and payment gateways.
The company had raised $51m in funding from investors including Intel Capital, Matrix Partners, Lightspeed Venture Partners and Essel Group, with the latter being the company’s largest shareholder until the acquisition by Ebix.
ItzCash hopes to now expand into additional verticals, including credit, insurance, healthcare and investments. The company may also enter new markets, such as Australia and Brazil, where Ebix is already present.