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Thursday, Sep 09, 2004

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i-flex buys stake in European co

Our Bureau

Mumbai , Sept. 8

IN line with its strategy to grow aggressively over the coming years, i-flex Solutions Ltd has acquired stake in a mid-sized European products firm. This follows the company's acquisition of US-based SuperSolutions Corporation last year.

While the company officials declined to comment, sources said the Indian banking software provider had invested cash "with the deal being a strategic fit to the BFSI vendor's current offerings." Interestingly i-flex has cash reserves of $140 million apart from the option of going in for an ADR float.

During the first quarter-ended June 30, 2004, the company had recorded a 9.2 per cent growth in net profit to Rs 41.5 crore compared to Rs 38 crore registered during the previous year's corresponding quarter. Revenues rose by 22.64 per cent to Rs 224.2 crore (Rs 183.4 crore).

Geographically, the contribution of the US market grew to 49 per cent (42 per cent), while Europe's has declined to 18 per cent (23 per cent). The APAC region stood at 19 per cent (17 per cent), West Asia/Africa at 13 per cent (16 per cent) and Latam (Latin America) market at 1 per cent (2 per cent) during the quarter.

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