i-Flex to acquire US's Mantas Inc for $122.6 mln

New Delhi, Aug 14 (UNI) Bangalore-based i-flex Solutions, leading provider of IT solutions to the financial market, today said it will acquire US's Mantas Inc in an all cash deal of 122.6 million dollars, through its wholly-owned US subsidiary, i-flex America Inc.

This was decided by the company's board of directors at the meeting held today.

Capitalisation of i-flex America Inc will fund this acquisition, a company statement said.

Mantas Inc is a leading provider of anti-money laundering (AML) compliance software and services. 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 TM 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.

Besides, the company will also issue 4.447 million shares to Oracle Global (Mauritius) Ltd on a preferential basis, subject to the approval of the shareholders of the company and other applicable rules and regulations.

The issue is sought to be at the price of Rs 1307.50 per share, calculated as per SEBI guidelines.

The company will convene an Extraordinary General Meeting of the shareholders, to consider and approve the preferential share issue to Oracle Global (Mauritius) Ltd.

The company has an employee base of over 7,000 and has a presence in over 80 countries through more than 30 corporate business partners.

It has over 22 overseas locations including 5 subsidiaries -- i-flex Solutions Inc, and i-flex America Inc in the US, i-flex solutions B V in Netherlands, i-flex solutions Pte Ltd in Singapore, and Equinox Corporation.

The other offices are in Johannesburg, South Africa and London, UK.

Its portfolio of software products includes Flexcube, a core banking solution; Reveleus, a business analytic application; and Daybreak, an enterprise consumer-lending suite.

The i-flex primesourcing also provides software, consulting, development and support services.

In India, the company has development centers in Mumbai, Bangalore, Pune and Chennai. Globally, it has offices in Amsterdam, Boston, Dubai, Eden Prairie, Frankfurt, Irvine, London, Miami, Minneapolis, Moscow, Mumbai, New Jersey, New York, Shanghai, Singapore, Sydney, Tokyo, and Toronto.

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