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.

Read more:

• Yahoo Finance: http://biz.yahoo.com/prnews/061003/nytu104.html?.v=69

• EFYtimes.com : http://www.efytimes.com/efytimes/fullnews.asp?edid=14629&magid=11

• CXOtoday.com: http://www.cxotoday.com/cxo/jsp/article.jsp?article_id=76280&cat_id=908

• Mantas: http://www.mantas.com/NewsEvents/PressReleases/iflexacquiresMantas.html

• The Economic Times: http://economictimes.indiatimes.com/articleshow/2074230.cms 

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