Deal Corner -
i-flex Solutions acquisition of Mantas
i-flex Solutions Limited (www.iflexsolutions.com), a leading Indian software product company, acquired Mantas Inc. (www.mantas.com), a US corporation along with its subsidiaries, for $122.6 million in an all-cash transaction. The deal closed on October 3, 2006. Through this IP-driven acquisition, i-flex Solutions Limited intends to extend its existing banking software product portfolio by including "anti-money laundering and compliance software". This deal is touted to be the second largest M & A deal in the Indian IT industry to date.
We at Nishith Desai Associates acted as Indian counsels to i-flex Solutions Limited in this acquisition. Our responsibility included due diligence, advising on IP and open source issues and review of deal documentation.