i-flex Solutions
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| i-flex Solutions Ltd. | |
|---|---|
| Type | Public |
| Founded | 1991 |
| Headquarters | Mumbai(Bombay), (India) |
| Key people | Rajesh Hukku, Chairman and Head – Oracle, FSGBU. R. Ravisankar, Vice-chairman. Deepak Ghaisas, Vice-chairman. NRK Raman , Managing Director and Chief Executive Officer. . Makarand Padalkar , Chief Financial Officer. |
| Industry | Computer Services on Finance/Banking |
| Products | FLEXCUBE, Reveleus, Daybreak, Mantas, Castek |
| Revenue | ▲$478 million USD |
| Employees | ~10,000 (2007) |
| Parent | Oracle Corporation |
| Website | www.iflexsolutions.com |
i-flex Solutions Limited (Reuters: IFLX.BO and IFLX.NS) is an IT solution provider to the banking industry. i-flex is majority owned by Oracle Corporation. It claims more than 810 customers in over 130 countries on I-flex website. Its range of applications software, custom solutions and consulting services enable financial institutions to cut costs, respond rapidly to market needs, enhance customer service levels and mitigate risk as per iflex website.[neutrality disputed]. Together, Oracle and i-flex solutions offer financial services firms banking applications and technology to address complex IT and business requirements.
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[edit] History
[edit] Part of Citicorp
i-flex was started as a division a Citicorp (now Citigroup), wholly owned subsidiary called Citicorp Overseas Software Ltd. (COSL) in 1991. Later it was carved out of COSL as a separate company named Citicorp Information Technologies Industries Ltd. (CITIL). While COSL's mandate was to serve Citicorp’s internal needs globally and be a cost center, CITIL's mandate was to be profitable by serving not only Citicorp but the whole global financial software market.
[edit] Coming of age for iFlex
CITIL started off with the universal banking product MicroBanker (which became hugely successful in Africa and other developing regions over the next 3-4 years) and the retail banking product Finware. In the mid-90s, CITIL developed FLEXCUBE at its Bangalore development center after a significant development effort spanning more than 18 months. After the launch of FLEXCUBE, all of CITIL's transactional banking products were brought under a common brand umbrella.
CITIL changed its name to i-flex solutions to reflect its growing independence from Citicorp and to strengthen its FLEXCUBE brand.
[edit] Enter Oracle Corporation
In 2006, i-flex became a majority-owned subsidiary of Oracle Corporation. Oracle built its stake through a series of purchases, first buying Citigroup's 44% stake in i-flex solutions for US$909 million (Rs3,960 crore at Rs43.55=US$1) in August 2005, a further 7.52% in March and April 2006 , and 3.2 per cent in an open-market purchase in mid-April 2006.
On August 14, 2006, i-flex solutions announced it would acquire Mantas, a US-based anti-money laundering and compliance software company for US$122.6 million. The company part-funded the transaction through a preferential share allotment to majority shareholder Oracle Corporation.
Following its acquisition by Oracle, i-flex has begun an expansion plan reportedly to capitalize on its owner's brand and financial strength.[citation needed] It has invested to expand capacity at its existing locations in India which is reportedly sufficient to accommodate 17,000 employees compared with over 10000 staff already employed by the company in August 2007.[citation needed]
On January 12, 2007, after an open offer price to minority shareholders last month, Oracle now has close to around 83% stake in i-flex.[1]
On April 4, 2008, the board of directors of i-flex solutions approved a proposal to change the name of the company to Oracle Financial Services Limited, subject to regulatory and shareholder approvals. A press release issued by the company said that "The proposed new name reflects the company's close strategic and operational alignment with its parent, Oracle Corporation, which owns 81 percent of the company." It added that the current management team under N.R.K. Raman, CEO and Managing Director, will continue to run the operations of the company.[2]
Iflex is deploying fundtech's Global payplus at Barclays bank plc UK, to process payments for SEPA and newly introduced FASTER PAYMENTS SYSTEM scheme in UK. Barclays became first bank in UK to implement FPS and this is major step for Barclays to completely revamp its aging legacy system for payments processing and core banking applications. iflex will get majority of this business from barclays.
[edit] Products and Services
Products Business
Oracle FLEXCUBE, Oracle FLEXCUBE INVESTOR SERVICES, Oracle DAYBREAK, Oracle Reveleus, Oracle Mantas, Oracle Insurance
Services offerings
Oracle Financial Services Consulting Oracle Financial Services Support Oracle Financial Services BPO Oracle Financial Services OnDemand Oracle Financial Services University Oracle Financial Services AIM Oracle Partner Network
[edit] Offices and presence
[edit] Asia Pacific
- Australia: Sydney
- China: Shanghai
- India: Chennai, Bangalore,Gurgaon, Mumbai, Pune
- Japan: Tokyo
- Singapore: Singapore
- South Korea: Seoul
- Taiwan: Taipei
- UAE: Dubai
[edit] Europe Middle East and Africa
- Germany: Frankfurt
- The Netherlands: Amsterdam
- Russia: Moscow
- UK: London
- Greece: Athens
- Ireland: Dublin
- Swiss : zurich
[edit] South America
- Chile: Santiago de Chile
[edit] North America
- USA: Boston, Eden Prairie (MN), Edison (NJ), Miami, New York
- Canada: Toronto
The company is also represented in the US through its business process outsourcing subsidiary Equinox Corporation which is based in Irvine, California.
[edit] References
Oracle stake in i-flex rises to 83%
