i-flex to acquire Capco's arm in Singapore

i-flex Solutions Pte Ltd, the Singapore-headquartered subsidiary of i-flex Solutions, has entered into a definitive agreement to acquire the Singapore subsidiary of Capco "� Capital Markets Company Pte Ltd.

The acquisition is expected to strengthen i-flex Consulting's ability to provide high-end consulting to banks in the Asia Pacific region, Japan in particular.

The company did not divulge any financial details but said Capco had large tier-1 clients such as DDS, UBS Pvt Bank and Australia Stock Exchange, among others.

"The acquisition demonstrates i-flex Consulting's commitment to the region. It is in line with our strategic initiative to address business transformation requirements of top-tier financial institutions as it combines Capco's consulting strengths in APAC and i-flex Consulting's experience in delivering solutions for the BFSI (banking, financial services and insurance) segment globally. Our ability to provide a complete solution to existing clients and prospects is significantly enhanced with the local knowledge and expertise that the Capco team brings," Vijay Sharma, senior vice-president, i-flex Consulting, said.

i-flex currently has a consulting team each in the US and India, consisting of a total of 200 consultants. Capco will add 12 more.

"We are witnessing strong business growth as several banks in the Asia Pacific region, including Japan, continue to undertake business transformation through large-scale technology and consulting investments in next-generation core-processing platforms, such as Flexcube, and upgrade their risk and compliance practices through end-to-end Basel-II credit and operational risk management solutions, such as Reveleus," Kishore Kapoor, CEO, i-flex Solutions Pte Ltd, said.