Sunday, September 03, 2006

i-flex to Acquire Mantas for $122.6 Million


URL: http://www.globalservicesmedia.com/sections/news/showArticle.jhtml?articleId=192201558

i-flex, an India-based IT solutions provider, catering to the financial-services industry will acquire Mantas, a U.S.-headquartered anti-money laundering and compliance software and services provider, for a cash consideration of $122.6 million.

After the conclusion of the deal, Oracle’s share holding will go up by three percent to more than 55% from the current 52.5%.

Through the acquisition, i-flex will gain access to Mantas’ behavior detection and compliance solution along with the financial-services’ industry expertise.

i-flex is targeting the risk and compliance requirements of financial institutions.

Mantas offers software applications that enable financial institutions to confirm to the global regulatory compliance mandates and ensure loss prevention and revenue generation. Its clientele include ABN Amro, Barclays, Bear Stearns, Citigroup and Merrill Lynch among others.

Mantas employs 150 people, and the deal will be concluded in 60 days.

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