New Delhi, Oct 5:i-flex Solutions Ltd today said it has acquired a 100 per cent stake in Canada-based Castek Software Inc.
i-flex said in a statement that its board has approved the acquisition and the transaction is expected to close by March 2008.
It however, did not disclose any financial details of the transaction.
Headquartered in Toronto, 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.