Telstra has revealed the addition of almost one million new mobile services in the six months to December 2011, but Sensis revenues plummeted 24 percent in 12 months.
India-based banking and insurance software company, i-flex solutions, has bought anti money laundering software provider Mantas for $122.6 million.
In 2004, Mantas Inc. and i-flex signed an agreement to jointly offer
anti-money laundering (AML) solutions to financial institutions
worldwide. Mantas provides analytic applications for the global
financial services and telecommunications markets.
Last year, Oracle purchased a 52% stake in i-flex, for about $800 million.
The present deal will be financed by a sale of a further 4.4 million
shares of i-flex to Oracle for $125 million, subject to shareholder
approval resulting in an increase over 55% of Oracle stake in i-flex.
Mantas’ anti-money laundering and compliance software will complement
i-flex’s banking software, which helps customers comply with the
European financial standards of the Basel norms, and a niche business
analytics product called Reveleus.
Last year, i-flex bought Toronto-based Castek Software, an insurance software developer.
Today, over half of i-flex’s revenues come from its flagship product,
Flexcube. The product has undergone several changes since it was
created as an in-house product for Citibank.
Citibank spun off the division where Flexcube originated into a
separate company called Citicorp Information Technology Industries in
1992, holding about 43% of the equity. In 2000, the company changed its
name to i-flex and was listed on the Indian bourses and became one of
the few Indian success stories in the product space.
The U.S. now accounts for 40% of the company’s export revenues, while Europe contributes about 20%.
David Bass
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India-based banking and insurance software company, i-flex solutions, has bought anti money laundering software provider Mantas for $122.6 million.
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