Mumbai, Oct 5 (UNI) One of the leading IT solutions provider to the global financial services industry, i-flex solutions, today said that it has acquired a 100 per cent stake in Castek Software.
The i-flex Board has approved the acquisition today and the transaction is expected to close by March 2008.
Headquartered in Toronto, Canada, Castek is a provider of core insurance-business processing systems for large and mid-sized Property and Casualty (P&C) insurers.
In August 2005, i-flex had entered into an equity financing arrangement with Castek, that allowed i-flex to become its largest shareholder. Since then, i-flex held 59.9 per cent of Castek's shares on a fully diluted basis. On completion of the latest transaction, i-flex will own all the outstanding shares of Castek and it will become a wholly-owned subsidiary of i-flex.
''Castek's product is proven and is being used by two large North American customers. Ever since we forayed into insurance a couple of years ago, we can offer insurance companies a scalable model of onsite, nearshore and offshore services,'' i-flex solutions Managing Director and CEO N R K Raman said.
Castek's flagship product Insure3 is a SOA based full policy lifecycle administration software which is delivered through a platform of best-of-breed, pre-integrated software components.