YouFirst Money Express Pvt. Ltd. (YouFirst) entered into an agreement to acquire the Money Transfer Service Scheme Business (MTSS) from Transcorp International Limited (BSE:532410) (Transcorp) for approximately INR 470 million on January 4, 2018. Ebix, Inc, parent company of YouFirst funded the transaction using its internal cash reserves. For the year ended March 31, 2017, MTSS has revenue of INR 330 million and net worth of INR 27.9 million. The transaction is subject to transcorp shareholders, regulatory and other approvals. Transcorp board has approved the transaction. The transaction is expected to complete on March 5, 2018. The acquisition is expected to be accretive to Ebix earnings.