The boards of i-flex solutions and SuperSolutions on Tuesday approved i-flex's acquisition of SuperSolutions Corporation, a US-based specialised consumer lending software provider, in an all-cash deal for $11.5 million.
"This is the first step in the execution of our inorganic growth strategy," said Rajesh Hukku, Chairman, i-flex, in a statement.
"By opening up the consumer finance segment for us, SuperSolutions will create another growth engine for the company," he said.
The statement said SuperSolutions' flagship product, Daybreak Lending Suite, is a universal lending platform that enables financial institutions to manage the lending process from origination through servicing and collections.
Top-tier American clients such as Harley Davidson Financial Services Inc, Mitsubishi Motors Credit and Hyundai Motor Finance use the product, it said.
i-flex said the acquisition greatly strengthens its product portfolio and would help accelerate its penetration into the US market.
Upon approval by SuperSolutions shareholders, it said, SuperSolutions would become a 100 per cent owned subsidiary of i-flex.
The existing management team of SuperSolutions would continue with the company to run the business.