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The size of these acquisitions are valued at $5 million each, according to Mr Makrand Padalkar, Chief of Staff, i-flex Solutions.

Bangalore , Nov. 16

I-FLEX Solutions on Tuesday announced that its board of directors had approved two strategic initiatives.

i-flex has acquired the US-headquartered Equinox Corporation that has back office operations in Gurgaon.

The board has also approved a decision to acquire a 33 per cent stake in a French-based treasury software specialist firm, Login SA.

Both initiatives are part of i-flex's inorganic growth strategy, aimed at strengthening its solutions portfolio for the global financial services industry.

"Both the acquisitions are cash-based transactions. These initiatives will enable us to extend our service offerings with both the companies having product related services.

"Equinox complements the Flexcube core banking solution of i-flex. At this point the valuation of the companies cannot be disclosed, but the size of these acquisitions are valued at $5 million each" Mr Makrand Padalkar, Chief of Staff, i-flex Solutions, told Business Line.

The US-based Equinox has close to 300 people in its back office process at Gurgaon with approximately five to six customers and post-acquisition this would come under the i-flex umbrella. i-flex had a marketing alliance with Login SA and procuring the 33 per cent stake in the treasury solution provider is an extension of the relationship, Mr Padalkar said.

While Equinox provides customer acquisition and BPO services to mortgage institutions, auto financers and credit companies, Login SA is a specialised front and mid-office treasury solution provider.

Both these companies have in-house IP-based products with Equinox having products such as SmartAcquisition and StopLeakage and Login owning Acumen.

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