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i-flex has an equity financing arrangement with Castek that allows it to become the largest shareholder in the Canadian company.

Mumbai , May 23

I-FLEXsolutions has acquired a 34-per cent stake in Castek Software Inc, a Toronto-based provider of insurance systems for the property and casualty insurance industry.

"We were working with them for the past nine months and the chemistry was good. We think we can add business value in terms of developmental skills and management support," said Mr Deepak Ghaisas, CEO (India Operations) and CFO, i-flex.

"We were not fully there in the insurance vertical. Being an insurance company, we thought this (alliance) was a good idea," he added.

Mr Ghaisas told Business Line that two venture capitalists are among the stakeholders in Castek.

As part of the alliance, i-flex has an equity financing arrangement with Castek that allows i-flex to become the largest shareholder in the Canadian company, according to a press release.

Mr R. Ravisankar, CEO of International Operations and Business Development, i-flex solutions, has joined Castek's board of directors. "Our investment in Castek creates a winning combination of i-flex's project and quality management skills built over a decade, coupled with Castek's advanced product intellectual property and domain expertise.

We are committed to the insurance industry and this initiative is in line with our mission of enabling financial institutions worldwide to excel through the use of technology," said Mr Ravisankar.

"Insurance companies seeking to upgrade their existing systems are concerned about the risks associated with the execution of such projects and seek partners who can mitigate these risks. i-flex's investment in Castek creates just such a strong partnership, which addresses these issues as well as supports P and C insurers' need to respond in a timely, flexible and reliable manner to ongoing customer requirements," said Mr Yung Wu, CEO, Castek.

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