Subex acquires Mantas for $2M
By agencies   |   Tuesday, 07 March 2006, 20:30 IST
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BANGALORE: Telecom software maker Subex Systems Ltd has announced that it has acquired the fraud management business assets of the Virginia-based Mantas Inc for $2 million. Announcing the acquisition, Subex Systems President and CEO, Subhash Menon said, “This acquisition will consolidate our position in the fraud management space by brining in customers such as Verizon and BellSouth among others. We have acquired the IP relating to Mantas’ fraud management product and the customer relationship maintenance contracts worth $2 million.” Mantas Inc, a privately held firm, had revenues of $2 million from the fraud management product. Subex expects a net accretion of $1 million for financial year 2006-07 and the payback would be over 18 months, Menon said. The company expects to fund the Mantas buy-out from the $10 million GDR offering that's currently on, Menon said. The company also has $8.40 million cash-and-cash equivalents on its balance sheet. Menon said that Subex continued to look around for acquisitions and was in talks with a few companies both in the U.S. and Western Europe.

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