Financial Daily from THE HINDU group of publications
Wednesday, Dec 17, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 17, 2003 |
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Info-Tech
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Mergers & Acquisitions i-flex board okays SuperSolutions buy Our Bureau
Mumbai , Dec. 16 THE i-flex Solutions' board today approved the acquisition of SuperSolutions Corporation in an all cash deal of $11.5 million. The board of SuperSolutions Corporation has also approved the deal. "This is the first step in the execution of our inorganic growth strategy," said Mr Rajesh Hukku, Chairman and Managing Director of i-flex. "By opening up the consumer finance market segment for us, SuperSolutions will create another growth engine for the company." Upon approval by SuperSolutions' shareholders, SuperSolutions will become a 100 per cent owned subsidiary of i-flex. The existing management team of SuperSolutions will continue with the company to run the business. SuperSolutions is a US-based software provider to specialised consumer lending institutions. Its flagship product, Daybreak Lending Suite, is a universal lending platform (ULP) that enables financial institutions to manage the lending process from origination through servicing and collections. Daybreak enables lenders to achieve significant reduction in costs and improvements in productivity through its ability to manage multiple lending products. Built on the latest generation technology, the software meets the demanding consumer lending requirements of the US market. The product is used by top-tier US clients, such as Harley Davidson Financial Services Inc, Mitsubishi Motors Credit, Hyundai Motor Finance, US Small Business Administration, Onyx Acceptance Corporation, and Crescent Bank & Trust. Commenting on the acquisition, Mr R. Ravisankar, CEO (International Operations and Technology), i-flex Solutions, said: "This acquisition greatly strengthens our product portfolio and will help to accelerate our penetration of the US market. We are also excited by the opportunity to tap the global market in this space by leveraging our global sales and partner network." Speaking on the occasion, Mr Darshan Karki, CEO, SuperSolutions, said: "We are delighted to be part of the i-flex group. i-flex's market reach and credibility will greatly enhance the market opportunity and growth prospects for our suite of state-of-the art, comprehensive solutions for the growing market of consumer lending."
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