i-flex Solutions completes Castek acquisition

i-flex Solutions has acquired 100% stake in Castek Software.

According to a release issued by i-flex to the BSE today, i-flex board today approved the acquisition and 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 (P&C) insurers.

In August 2005, i-flex had entered into an equity financing arrangement with Castek, that allowed i-flex to become its largest shareholder. Since then, i-flex held 59.9% 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.