India's I-flex to acquire US tech firm for $11.5 million

Tuesday, 16 December 2003, 20:30 IST
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NEW DELHI: I-flex Solutions, one of India's leading mid-size software makers, Tuesday said the company board had approved the acquisition of a US-based technology firm for $11.5 million. As part of the agreement, SuperSolutions Corp will become a wholly owned subsidiary of I-flex Solutions, said a statement issued by I-flex, adding the existing management of the US firm would continue to manage its business. "This is the first step in the execution of our inorganic growth strategy," said Rajesh Hukku, chairman and managing director of I-flex Solutions. "By opening up the consumer finance market segment for us, SuperSolutions will create another growth engine for the company," he added. SuperSolutions is a software provider to consumer lending institutions. The company's clients include Harley Davidson Financial Services, Inc., Mitsubishi Motors Credit, Hyundai Motor Finance and US Small Business Administration. R. Ravisankar, chief executive officer (international operations and technology), of I-flex Solutions, said: "This acquisition greatly strengthens our product portfolio and will help to accelerate our penetration of the US market. "We are also excited by the opportunity to tap the global market in this space by leveraging our global sales and partner network." I-flex Solutions is a leading player in providing IT solutions to the financial services industry. The company has over 430 customers across 101 countries. It has 10 development centres in India, Singapore and New York.
Source: IANS
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