i-flex to acquire US firm

The board of i-flex Solutions, which met on Monday, approved a proposal to acquire US-based Mantas Inc in an all-cash deal for $122.6 million.

According to a release issued by i-flex to the Bombay Stock Exchange, Mantas is a leading provider of anti-money laundering compliance software and services.

The meeting also approved a proposal to issue up to 44.47 lakh shares at Rs 1,307.50 per share to Oracle Global on a preferential basis to fund the acqusition of Mantas, the release added.