i-flex solutions Completes Acquisition of Mantas

i-flex solutions Completes Acquisition of Mantas

October 03, 2006

Mantas Now a Wholly Owned Subsidiary of i-flex solutions;
S. Ramakrishnan Appointed as CEO

    MUMBAI, India, Oct. 3 /Xinhua-PRNewswire/ -- i-flex(R)
solutions (Reuters: IFLX.BO & IFLX.NS), a leading IT
solutions provider to the global financial services
industry, announced 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 14th,
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 i-flex
solutions.

    S.Ramakrishnan, CEO of Reveleus-i-flex'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
i-flex, 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. i-flex solutions 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.

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

    Commenting on the announcement, Cubillas Ding, Senior
Analyst at Boston based research firm -- Celent said,
"Although firms are at different stages of their
operational risk and compliance initiatives, more
sophisticated institutions are realizing the need to link
up and integrate information and processes in a more
structured manner across an overall governance lifecycle.
In this instance, the coming together of i-flex and Mantas
is expected to further enable institutions to 'close the
loop' on risk assessment and AML/fraud operations -- to not
just provide a fuller picture of operational risks, but also
generate insights to run the business smarter."

    About i-flex solutions	
    i-flex(R) solutions (Reuters: IFLX.BO & IFLX.NS) is
a world leader in providing IT solutions to the financial
services industry, with more than 660 customers in over 120
countries. i-flex's range of products, custom solutions and
consulting services enable financial institutions to cut
costs, respond rapidly to market needs, enhance customer
service levels and mitigate risk. 

    For information, please visit:
http://www.iflexsolutions.com

    About Mantas	
    Mantas provides its clients with the industry's most
advanced solutions for regulatory compliance, loss
prevention and revenue generation. Mantas is a global
software company with operations in Europe, the Americas
and Asia/Pacific. Recognized as a leader in global
operational transparency, the company's products are used
by more than 5,000 finance professionals in more than 100
countries. Headquartered in Herndon, Va., the company has
offices in London, New York, and Singapore. 

    For further information please visit
http://www.mantas.com . 

    CONTACT:  

    NORTH AMERICA
     Aquin Mathew 
     Reveleus - an i-flex business
     Tel:   [phone]
     Emial: [e-mail]

     Barry Vasudevan 
     Mantas - an i-flex business
     Tel:   [phone]
     Email: [e-mail]

    INDIA
     Eapen Thomas 
     i-flex solutions
     Tel:   [phone]
     Email: [e-mail]

SOURCE  i-flex solutions