i-flex acquires US-based Mantas for $122.6 mn
A US-based anti-money laundering and compliance software vendor, Mantas Inc has been acquired for Rs 561 cr.india Updated: Oct 03, 2006 14:03 IST
Financial solutions provider, i-flex Solutions Ltd on Tuesday, said it has completed the acquisition of US-based anti-money laundering and compliance software vendor Mantas Inc for over Rs 561 crore (122.6 million dollars).
Under a definitive agreement announced on August 14, Mantas was acquired in an all-cash transaction of $122.6 million and following the completion of all regulatory approvals, the US firm is now a wholly-owned subsidiary of the company.
The CEO of Reveleus (a business of i-flex solutions) S Ramakrishnan, would take additional charge as CEO of Mantas, i-flex said.
On the other hand, Mantas CEO Simon Moss would take on the role of Strategic Advisor to i-flex to focus on key projects and provide guidance and support for a smooth transition, it added.
I-flex said in a communique on the Bombay Stock Exchange that Reveleus and Mantas would bring together two industry leading solutions into a single unified platform for governance, risk and compliance.