i-flex acquires US-based Mantas for $122.6 mln

New Delhi, Oct 3 (UNI) i-flex Solutions Ltd, an IT solutions provider to the global financial services industry, today announced it has acquired the US-based Mantas Inc, a provider of regulatory compliance, loss prevention and revenue generation solutions, in a 122.6 million dollar all-cash deal.

''The convergence of governance, risk and compliance, presents Mantas and Reveleus with a unique market opportunity to leverage our complementary strengths,'' Mr S Ramakrishnan, CEO, Revelues, i-flex Business Analytics division, said.

''I am very excited at the opportunity to address this critical customer need, and to establish a leadership position in this emerging space,'' he added.

Mr Ramakrishnan would take up an additional charge of the Chief Executive Officer of Mantas.

Mr Simon Moss, ex-CEO of Mantas, will take on the role of Strategic Advisor to i-flex, focusing on key projects and providing guidance and support for a smooth transition.

As a result of the acquisition, Reveleus and Mantas will bring together two industry leading solutions into a single unified platform for governance, risk and compliance.

i-flex Solutions more than 660 customers in over 120 countries.

i-flex's custom solutions and consulting services enable financial institutions to cut costs, respond rapidly to market needs, enhance customer service levels and mitigate risk.

Mantas provides solutions for regulatory compliance, loss prevention and revenue generation. Its operations spread across Europe, the Americas and the Asia/Pacific.

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