Indian financial IT vendor i-flex solutions has signed a definitive agreement to acquire the Singapore subsidiary of financial services consultancy Capco.
Under the deal i-flex's Singapore-headquartered subsidiary, i-flex Consulting, will take over the Capco unit, The Capital Markets Company.
I-flex says the acquisition will strengthen its ability to provide high-end consulting to banks in Asia Pacific and demonstrates its commitment to the region. The combined team provides a pool of expertise to assist banks in business transformation, management of large technology implementations and addressing risk and compliance requirements, says the Indian vendor.
Vijay Sharma, SVP, i-flex Consulting, says the acquisition "combines Capco's consulting strengths in APAC and i-flex Consulting's experience in delivering solutions for the 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," adds Sharma.
Financial terms of the deal were not disclosed.