INDIA BUSINESS WORLD OCTOBER (1^st - 20^th) 2007
The Month that was ...

I-FLEX SOLUTIONS ACQUIRES 100% STAKE IN CASTEK

I-FLEX Solutions has acquired 100% stake in Castek Software, up from 59.9% already held. 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 insurers.

In August 2005, i-flex had entered into an equity financing arrangement with Castek. Since then, i-flex held 59.9 per cent 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 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 Tokio Marine Management and Great American Insurance as customers in the US.