i-flex completes Mantas acquisition

NEW DELHI: i-flex solutions today announced the closing of its previously announced acquisition of Mantas Inc., a provider of regulatory compliance, loss prevention and revenue generation solutions, headquartered in Herndon, Virginia, USA.

Under a definitive agreement announced on August 14, Mantas was acquired in an all-cash transaction of $122.6 million. With the completion of all regulatory approvals, Mantas is now a wholly owned subsidiary of i-flex solutions.

S Ramakrishnan, CEO of Reveleus-i-flex's Business Analytics division, will take additional charge as CEO of Mantas. He has nearly 25 years of banking and technology experience spanning India, Middle East, Singapore, New York and Silicon Valley, and has led Reveleus from a start-up to a leading product in the Risk and Compliance space. Simon Moss, who has provided leadership as 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, an i-flex statement said.

"The convergence of governance, risk and compliance, presents Mantas and Reveleus with a unique market opportunity to leverage our complementary strengths," said S Ramakrishnan. "I am very excited at the opportunity to address this critical customer need, and to establish a leadership position in this emerging space."

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