i-flex scouting for IPR acquisitions

MUMBAI: The financial solutions company i-flex Solutions is looking to acquire companies with IPR (intellectual property right) products in Europe and the Far East to fill the functionality gaps in its core segment of banking, financial services and insurance (BFSI).

However, the Bangalore-based financial software major has not yet zeroed in on any specific target.

"We are looking for companies with good IPR products. Geographical regions are no bar but we are looking in Europe and the Far East," i-flex Chief Executive Deepak Ghaisas told reporters at the Nasscom India Leadership Forum.

���i-flex has robust cash reserves, a part of which would be deployed for the acquisition,��� Ghaisas said.

"We have healthy cash reserves of Rs 600 crore and the size is no bar. If it is a good company, we would buy it," he added.

The company, clocking a growth of 40 percent year-on-year, has staff strength of 8,500. It is putting up an additional space of 1.7 million square feet in its three centres at Pune, Bangalore and Mumbai to house the professionals.

"The Mumbai facility would come up by June, Bangalore by May, while the Pune centre would come by September-October," Ghaisas said.

The IT firm would invest about Rs 200 crore to set up these centres.