i-flex Closes Mantas Acquisition

by CXOtoday Staff    Oct 03, 2006

Financial solutions vendor, i-flex today completed the acquisition of US based anti money laundering (AML) and compliance software vendor - Mantas. Mantas, now is a wholly owned subsidiary of I-flex. The deal between the two companies was finalized for $122.6 million on August 14, 2006.

The acquisition will enhance I-flex’s existing portfolio of offerings. The company will now tap the fraud detection and compliance software market. The combined strengths of i-flex and Mantas will enable financial institutions to ‘close the loop’ on risk assessment and AML/ fraud operations comprehensively.

Mantas’ ‘Behavior Detection Platform’ (BDP), a solution for detecting risk and addressing regulatory requirements in the anti-money laundering, trading and broker compliance areas. i-flex plans to bring its Reveleus and Mantas’ BDP on a unified platform for governance, risk and compliance.

S.Ramakrishnan, CEO of Reveleus-i-flex’s Business Analytics division will be the new CEO of Mantas. Simon Moss, the former Mantas CEO will be strategic advisor to i-flex. Moss will focus on key projects and provide guidance for smoother transitions.

Commenting on the occasion Ramakrishnan said, “The convergence of governance, risk and compliance, presents Mantas and Reveleus with a unique market opportunity to leverage our complementary strengths. I am very excited at the opportunity to address this critical customer need, and to establish a leadership position in this emerging space.”