Chennai: i-flex Solutions Ltd has today declared that it has acquired 100 per cent stake in Castek Software Inc.

The company’s (i-flex) board has given nod to the acquirement today, and the deal is likely to get closed by March next year (2008).

Headquartered in Toronto, Castek supplies core insurance business processing systems for big and mid sized property and casualty insurers.

i-flex had signed an equity financing deal with Castek in August 2005, which let i-flex to become its major stockholder.

Since then, i-flex has held 59.9% of Castek’s shares on a fully diluted basis.

After closing of the recent deal, Castek would become a wholly owned subsidiary of i-flex.

Further, the company’s directors have also okayed an additional investment of upto USD 12 million in equity or preference share capital of i-flex America Inc.,U.S.A., a wholly owned subsidiary of the company.