i-flex acquires Equinox, buys 33% in Login

The board of i-flex solutions Ltd has approved the acquisition of Equinox Corporation and a 33 per cent stake in France-based treasury software specialist firm Login SA, both in a $5 million cash deal.

Equinox is a business process outsourcing company that focuses on the mortage space. Login SA is a front and mid-office treasury solutions provider.

I-flex solutions chief of staff, executive management office, Makarand Padalkar said that i-flex already had a marketing alliance with Login.

Besides this the company also had some common clients. With this partnership i-flex and Login will offer solutions in specialised areas such as derivatives.

This move, Padalkar said, is part of the build align and buy initiative.

When asked if i-flex would increase its stake in Login, he said that options are always open.

The Equinox buy would enable i-flex to enter the BPO space. This acquisition enables i-flex to enhance its services portfolio, as it will now be able to offer business processes servies that revolve around the company's product flexcube.

Equinox has 300 people who will be integrated into i-flex by December this year. i-flex currently has 3900 employees.

Equinox will function as an i-flex subsidiary and the management of the company will be retained.

I-flex solutions chairman and managing director, Rajesh Hukku, said in the release "We see great synergies in the these strategic initiatives that we are announcing today and believe they would help our customers get the benefit of one-stop delivery, with specialised processing capability of Equinox added to the portfolio".