Indian core banking systems supplier i-flex is to acquire SuperSolutions, a US-based specialised consumer lending software provider in an all cash deal for $11.5 million.
Rajesh Hukku, chairman and managing director of i-flex, describes the deal as the first step in the firm's "inorganic growth strategy".
"By opening up the consumer finance market segment for us, SuperSolutions will create another growth engine for the company," he says.
SuperSolutions' flagship product, Daybreak Lending Suite enables financial institutions to manage the lending process from origination through servicing and collections. The product has gained a foothold in the non-bank segement, with clients including Harley Davidson Financial Services, Mitsubishi Motors Credit, Hyundai Motor Finance, US Small Business Administration, Onyx Acceptance Corporation, and Crescent Bank & Trust.
R. Ravisankar, CEO international operations and technology, i-flex solutions, comments: "This acquisition greatly strengthens our product portfolio and will help to accelerate our penetration of the US market. We are also excited by the opportunity to tap the global market in this space by leveraging our global sales and partner network