i-flex solutions to take over US firm Mantas
The acquisition of Mantas will expand i-flex's risk and compliance area and would also benefit its Reveleus business.india Updated: Aug 14, 2006 17:38 IST
In a largest all cash acquisition by an Indian Software Company, i-flex solutions, will acquire Mantas for $122.6 million.
Mantas is a leading provider of Anti Money Laundering and Compliance Software with its head quarter in the United States.
The acquisition would enable i-flex to expand its portfolio in the risk and compliance area and is highly synergistic to its Reveleus business, i-flex said in a release here today.
i-flex will fund the deal through a preferential allotment of 4.447 million shares to Oracle, subject to shareholders approval and other applicable rules and regulations. The issue requires to be priced at Rs 1307.