On Completion of the Acquisition, Castek will be a Wholly Owned Subsidiary
of i-flex solutions
MUMBAI, India, Oct. 4 /PRNewswire-FirstCall/ -- i-flex(R) solutions
(Reuters: IFLX.BO & IFLX.NS), a leading IT solutions provider to the global
financial services industry, today announced that it has acquired a 100%
stake in Castek Software Inc. The i-flex board has approved the acquisition
today and the transaction is expected to close by March 2008.
Headquartered in Toronto, Canada, Castek is a provider of core
insurance- business processing systems for large- and mid-sized Property
and Casualty (P&C) insurers.
In August 2005, i-flex had entered into an equity financing arrangement
with Castek, that allowed i-flex to become its largest shareholder. Since
then, i-flex held 59.9% of Castek's shares on a fully diluted basis. On
completion of the latest transaction, i-flex will own all the outstanding
shares of Castek and it will become a wholly-owned subsidiary of i-flex.
"Castek's product is proven and is being used by two large North
American customers. With i-flex's wide market reach, the potential to
expand is now great. Ever since we forayed into insurance a couple of years
ago, we can offer insurance companies a scalable model of onsite, near
shore and offshore services. Our full service dedicated units focus on both
technology and business solutions. i-flex also has a dedicated Competency
Center around the Insure3 platform", says N.R.K. Raman, Managing Director
and CEO, i-flex solutions limited.
"This acquisition increases our market opportunity. It allows us to
scale faster and take advantage of i-flex's expertise in Product Management
and large scale implementations together with its CMMI level processes,
infrastructure, global sales and delivery model", says Yung Wu, CEO, Castek
Inc.
Castek's flagship product - Insure3 [pronounced Insure Cube] - is a SOA
based Full Policy Lifecycle administration software which is delivered
through a platform of best-of-breed, pre-integrated software components.
Celent, a Boston based research firm, forecasts that globally P&C
insurance carriers will spend more than US$39 billion on software and
services in 2008.
Castek's growing client list includes some of the biggest names in the
US insurance market, and the flexibility of this suite makes it adaptable
for implementation in countries across Asia, Europe, Africa, and the Middle
East. Since the commencement of its relationship with i-flex, Castek has
acquired TMM (Tokio Marine Management) and GAIC (Great American Insurance
Co.) as customers in the US.
About i-flex solutions
i-flex(R) solutions (Reuters: IFLX.BO and IFLX.NS), majority owned by
Oracle, is a world leader in providing IT solutions to the financial
services industry, with more than 765 customers in over 130 countries. Its
range of applications software, custom solutions and consulting services
enable financial institutions to cut costs, respond rapidly to market
needs, enhance customer service levels and mitigate risk.
Together, Oracle and i-flex solutions offer financial services
institutions the world's most comprehensive banking applications and
technology footprint to address the most complex IT and business
requirements.
i-flex and FLEXCUBE are registered trademarks of i-flex solutions.
Reveleus, Daybreak, Mantas, PrimeSourcing, i-flex Consulting and iPFB are
trademarks of i-flex solutions and are registered in several countries.
All other company and product names are trademarks of the respective
companies with which they are associated.
For more information, please visit: http://www.iflexsolutions.com
About Castek
Castek Software Inc. (Toronto, ON) specializes in strategic business
software for Property and Casualty insurance. Recognized for the advanced
architecture and flexibility of its products, Castek provides carriers with
a suite of core business processing systems for insurance product and
process configuration, policy processing, customer billing and claims
management.
For more information, please visit http://www.castek.com or call (416) 777-2550.
For more information on the press release, please contact:
Eapen Thomas
i-flex solutions
Phone: +91-22-2823 5132
E-mail: eapen.thomas@iflexsolutions.com
Piya Roy / Parthajeet Sarmah
Adfactors PR Pvt. Ltd.
Tel: +91 022 22871361
Mobile: +91 9820740379 / 9967250356
Email: piya.roy@adfactorspr.com / parthajeet.sarmah@adfactorspr.com
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