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.

Published on: Oct 3, 2006, 14:03:00 IST

None | By Anonymous, Mumbai

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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.

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