Oracle-owned iFlex buys remaining stake in Canada''s Castek
05 Oct 2007
Oracle-owned software firm iFlex Solutions has said it has completed its acquisition of the Canada-based Castek Software for an undisclosed sum. "The transaction is expected to close by March 2008," iFlex said in a filing with the Stock Exchange, Mumbai (BSE).
In August 2005, iFlex had bought a controlling 59.9-per cent stake in the Toronto-based provider of insurance systems for the property and casualty (P&C) insurance industry. Industry reports say that P&C insurance carriers will spend more than $39 billion on software and services in 2008.
Castek''s
client list includes some of the biggest names in the US insurance market, and
the flexibility of its application suite makes it adaptable for implementation
in countries across Asia, Europe, Africa, and the Middle East.