oracles-indian-subsidiary-iflex-acquires-us-company

Oracle's Indian subsidiary i-flex acquires US company

IndiaÆs i-flex Solutions (a 52.5% subsidiary of Oracle) acquires Mantas in an all cash transaction for $122.6 million; Oracle to fund acquisition, triggering open offer by Oracle to minority shareholders of i-flex.

By Sameera Anand

August 14, 2006

IndiaÆs i-flex Solutions ôi-flexö, which is a 52.5% subsidiary of Oracle, yesterday announced it would be acquiring Mantas of the USA in an all cash transaction for $122.6 million. The acquisition is also going to trigger an open offer by Oracle to minority shareholders of i-flex.

Mantas is a privately held company headquartered in Virginia with offices in New York, London and Singapore. Its major shareholders include NYSE listed Safeguard Scientifics and SRA International. Mantas provides anti-money laundering AML and compliance software and services with a customer base which includes ABN AMRO, Barclays Capital, Charles Schwab, Citigroup, Credit Suisse and Merrill Lynch. i-flex and Mantas are well known to each other. The two...

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