i-flex Solutions Completes Acquisition of Mantas

i-flex Solutions Ltd on October 3, 2006 has announced that the closing of its previously announced acquisition of Mantas Inc., a provider of regulatory compliance, loss prevention and revenue generation solutions headquartered in Herndon, Virginia, USA.

Under a definitive agreement announced on August 14, Mantas was acquired in an all cash transaction of USD 122.6 Million. With the completion of all regulatory approvals, Mantas is now a wholly owned subsidiary of the Company.

S Ramakrishnan, CEO of Reveleus of the Company's Business Analytics division, will take additional charge as CEO of Mantas. SR has nearly 25 years of banking and technology experience spanning India, the Middle East, Singapore, New York and Silicon Valley, and has led Reveleus from a start-up to a leading product in the Risk and Compliance space. Simon Moss, who has provided leadership as CEO of Mantas, will take on the role of Strategic Advisor to the Company, focusing on key projects and providing guidance and support for a smooth transition.

Reveleus and Mantas will bring together two industry leading solutions into a single unified platform for governance, risk and compliance, the Company has established strong credentials in the risk and compliance area, with its award-winning Reveleus solution suite enjoying rapid adoption by global Tier 1 organizations. The Mantas Behavior Detection Platform. is the industry’s most comprehensive solution for detecting risk and addressing regulatory requirements in the anti-money laundering, trading and broker compliance areas.

Source : Equity Bulls

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