i-flex buys out Castek Software Inc.

i-flex solutions, an global IT solutions provider, has acquired the remaining shares of Toronto-based Castek Software Inc., which provides core insurance business processing systems for large- and mid-sized property and casualty insurers.
The transaction is expected to close by March 2008.
iflex became Casteks largest shareholder in August 2005, when it entered into an equity financing arrangement with the company. At the time, iflex acquired 59.9% of Casteks shares on a fully diluted basis.
After closing the deal on the new acquisition, Castek will become a wholly-owned subsidiary of iflex.
Castek’s product is proven and is being used by two large North American customers, N.R.K. Raman, iflex managing director and CEO, said in a press release. With i-flex’s wide market reach, the potential to expand is now great
Ever since we forayed into insurance a couple of years ago, we can offer insurance companies a scalable model of onsite, near shore and offshore services.
Casteks flagship product Insure3 is an SOA-based, full policy lifecycle administration software, delivered through a platform of best-of-breed, pre-integrated software components.
Casteks growing list of clients includes Tokio Marine Management and Great American Insurance Co.