Mumbai: Leading Indian IT solutions provider to the global financial services industry (and now part of Oracle), has entered into a definitive agreement to acquire the Singapore subsidiary of The Capital Markets Company Pte Ltd (Capco).

The acquisition, by its Singapore-based subsidiary, i-flex solutions pte ltd, will strengthen the company''s ability to provide high-end consulting to banks in the Asia-Pacific region. However, i-flex did not reveal any financial details about the acquisition.

The expertise and service offerings of Capco Singapore's consulting business align well with those of i-flex Consulting. According to the company, the combined i-flex - Capco team provides a compelling pool of expertise to assist banks in business transformation, management of large technology implementations and addressing risk and compliance requirements.

According to Vijay Sharma, senior vice-president, i-flex Consulting, "The acquisition demonstrates our commitment to the region. It is in line with our strategic initiative to address business transformation requirements of top tier financial institutions as it combines Capco's consulting strengths in APAC and i-flex Consulting's experience in delivering solutions for the BFSI (banking, financial services and insurance) segment globally.

"Our ability to provide a complete solution to existing clients and prospects is significantly enhanced with the local knowledge and expertise that the Capco team brings."

The Asia-Pacific region is witnessing strong business growth as several banks in the region, including Japan, continue to undertake business transformation through large-scale technology and consulting investments in next-generation core-processing platforms, adds Kishore Kapoor, CEO, i-flex solutions pte ltd.

''Capco's Singapore operations will be in very good hands under the ownership of i-flex, a company with whom we have built up a number of synergies and existing business links," notes Rob Heyvaert, founder and CEO, Capco. "We look forward to seeing the business continue to grow and flourish."