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i-flex buys US IT firm for $11.5 million

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December 16, 2003 13:09 IST

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.

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