i-flex solutions completes acquisition of Mantas

New Delhi, October 3, 2006: i-flex® solutions, a leading IT solutions provider to the global financial services industry, announced the closing of its previously announced acquisition of Mantas Inc., a provider of regulatory compliance, loss prevention and revenue generation solutions headquartered in Herndon, Virginia, USA.

Under a definitive agreement announced on August 14th, Mantas was acquired in an all cash transaction of USD 122.6 Million. With the completion of all regulatory approvals, Mantas is now a wholly owned subsidiary of i-flex solutions.

S.Ramakrishnan, CEO of Reveleus-i-flex's Business Analytics division, will take additional charge as CEO of Mantas. SR has nearly 25 years of banking and technology experience spanning India, the Middle East, Singapore, New York and Silicon Valley, and has led Reveleus from a start-up to a leading product in the Risk and Compliance space. Simon Moss, who has provided leadership as CEO of Mantas, will take on the role of Strategic Advisor to i-flex, focusing on key projects and providing guidance and support for a smooth transition.

Reveleus and Mantas will bring together two industry leading solutions into a single unified platform for governance, risk and compliance. i-flex solutions has established strong credentials in the risk and compliance area, with its award-winning Reveleus solution suite enjoying rapid adoption by global Tier 1 organizations. The Mantas Behavior Detection Platform is the industry's most comprehensive solution for detecting risk and addressing regulatory requirements in the anti-money laundering, trading and broker compliance areas.

"The convergence of governance, risk and compliance, presents Mantas and Reveleus with a unique market opportunity to leverage our complementary strengths," S. Ramakrishnan said today. "I am very excited at the opportunity to address this critical customer need, and to establish a leadership position in this emerging space."

Commenting on the announcement, Cubillas Ding, Senior Analyst at Boston based research firm - Celent said, "Although firms are at different stages of their operational risk and compliance initiatives, more sophisticated institutions are realizing the need to link up and integrate information and processes in a more structured manner across an overall governance lifecycle. In this instance, the coming together of i-flex and Mantas is expected to further enable institutions to 'close the loop' on risk assessment and AML/fraud operations "� to not just provide a fuller picture of operational risks, but also generate insights to run the business smarter."

About i-flex solutions

i-flex® solutions (Reuters: IFLX.BO & IFLX.NS) is a world leader in providing IT solutions to the financial services industry, with more than 660 customers in over 120 countries. i-flex's range of products, custom solutions and consulting services enable financial institutions to cut costs, respond rapidly to market needs, enhance customer service levels and mitigate risk.

i-flex and FLEXCUBE are registered trademarks of i-flex solutions. Reveleus, Daybreak, Mantas and PrimeSourcing are trademarks of i-flex solutions and are registered in several countries.

All other company and product names are trademarks of the respective companies with which they are associated.

For information, please visit: www.iflexsolutions.com

About Mantas

Mantas provides its clients with the industry's most advanced solutions for regulatory compliance, loss prevention and revenue generation. Mantas is a global software company with operations in Europe, the Americas and Asia/Pacific. Recognized as a leader in global operational transparency, the company's products are used by more than 5,000 finance professionals in more than 100 countries. Headquartered in Herndon, Va., the company has offices in London, New York, and Singapore.

For further information please visit www.mantas.com.