iflex to acquire Mantas

Monday, August 14, 2006, 13:35 [IST]

Bangalore, Aug 14 (UNI) In a largest all cash acquisition by an Indian Software Company i-flex solutions will acquire Mantas for US dollar 122.6 million.

Mantas is a leading provider of Anti Money Laundering and Compliance Software head quartered in the United States.

The acquisition would enable i-flex to expand its portfolio in the risk and compliance area and is highly synergistic to its Reveleus business, i-flex said in a release here today.

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 issue has been sought to be priced at Rs 1307.50 as per the SEBI guidelines.

UNI VK MSP HVB1240

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