i-flex solutions to acquire Mantas for $122.6 Million

MUMBAI: i-flex solutions today announced that it has entered into a definitive agreement to acquire Mantas, a leading provider of anti-money laundering (AML) and compliance software and services, headquartered in Herndon, Virginia, USA, in an all cash transaction at a price of $ 122.6 Million. The acquisition will help i-flex to address risk & compliance market which is estimated to be over $20 Billion by 2008.

To fund this acquisition, i-flex Board of Directors have decided, subject to shareholders approval, to make a preferential allotment of i-flex shares to Oracle, who are already a majority shareholder of i-flex. The pricing of this preferential allotment is sought to be at Rs 1307.50 computed as per the relevant SEBI guidelines.

The Mantas Behavior Detection platform is one of the comprehensive solution for detecting risk, enhancing customer relationships and addressing regulatory requirements in the anti-money laundering, trading and broker compliance areas, says the company.

Risk and compliance requirements are getting increased attention at the boardroom level in financial institutions around the world. These organizations are seeking broader and more functionally rich offerings to serve their current and emerging risk and compliance needs.

"Through our acquisition of Mantas we gain access to an industry-leading behavior detection and compliance solution, coupled with deep financial services industry expertise," said Rajesh Hukku, Chairman & Managing Director, i-flex solutions. "Mantas' growing client list reads like a 'who's who' of Tier 1 global financial institutions, and Mantas' ability to continue to deepen their relationships with top-tier clients is testimony to the exceptional value their clients receive from Mantas solutions. Together we are poised to become a leading player in the risk and compliance marketplace."

Simon Moss, Chief Executive Officer, Mantas, said, "The Mantas team is excited to join forces with one of the strongest and most rapidly growing solution providers to the global financial services industry. Our joint efforts will enable our clients to leverage their risk and compliance activities and drive process improvements, thereby enjoying better governance and performance throughout their organizations. i-flex solutions' leadership in risk and compliance in financial institutions, combined with Mantas' extensive leadership in financial services compliance, particularly in Institutional Brokerage and Capital Markets, offer the most comprehensive solution for our clients."

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