i-flex solutions to acquire Mantas for USD 122.6 MILLION

Mumbai, Aug 14,(UNI) Leading IT solutions provider i-flex Solutions today announced that it has entered into a definitive agreement to acquire Mantas, a leading provider of anti-money laundering (AML) and compliance software and services, headquartered in Herndon, Virginia, USA, at a price of USD 122.6 Million.

i-flex Solutions CMD Rajesh Hukku told mediapersons,'' The powerful combination of i-flex solutions and Mantas offerings will create a market-leading risk and compliance solution suite. To fund this acquisition, i-flex Board of Directors have decided, subject to shareholders approval, to make a preferential allotment of i-flex shares to Oracle, who are already a majority shareholder of i-flex. The pricing of this preferential allotment is sought to be at Rs 1,307.50 computed as per the relevant SEBI guidelines.'' The Mantas Behavior Detection Platform is the industry's most comprehensive solution for detecting risk, enhancing customer relationships and addressing regulatory requirements in the anti-money laundering, trading and broker compliance areas. The Mantas Behavior Detection Platform was named ''Best Compliance Solution'' in Waters Magazine's 2003 Editorial Awards, and was named ''Best Anti-Money Laundering Solution'' for both 2004 and 2005.

Mantas customers include top global financial institutions like ABN Amro, Barclays, Bear Stearns, Citigroup and Merrill Lynch.

UNI AR GB AG1629