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News >> Technology >>
i-Flex buys U.S. firm
By ST Team
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Monday, 14 August 2006, 19:30 IST
MUMBAI: One of IndiaÂ’s best known IT products company, i-flex on Monday acquired U.S. based anti-money laundering firm Mantas for $122.6 million in the largest all-cash purchase made by an Indian software company.
The acquisition enables i-flex to expand its portfolio in the risk and compliance area and is highly synergistic to its Reveleus business, the company said in a release here today.
U.S. based Mantas is a leading provider of Anti Money Laundering and Compliance Software.
i-flex will fund the deal through a preferential allotment of 4.447 million shares to Oracle, subject to shareholders approval and other applicable rules and regulations, the release said.