I-flex Solutions

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The correct title of this article is i-flex Solutions. The initial letter is shown capitalized due to technical restrictions.
i-Flex Solutions Ltd.
Image:iflexlogo11.JPG
Type Public
Founded 1991
Headquarters Mumbai(Bombay), (India)
Key people Rajesh Hukku, Chairman and Managing Director.
R. Ravisankar, CEO International Operations and Business Development.
Deepak Ghaisas, CEO India Operations and CFO.
Industry Computer Services on Finance/Banking
Products FLEXCUBE, Reveleus, Daybreak
Revenue $330 million USD
Employees ~8,000 (2007)
Slogan Empowering Financial Institutions Globally
Website www.iflexsolutions.com

i-flex solutions limited is an India based IT company that produces software for the financial services industry. It is headquartered in Mumbai (Bombay), India, and has approximately 8,000 employees. The company is majority owned by Oracle Corporation. Software products include a banking software suite, a business analysis application, and a consumer-lending suite. The business area also markets software, consulting, development and support services.

Contents

[edit] History

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.[1] [2]

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.[3] [4]

Following its acquisition by Oracle, i-flex has begun an expansion plan reportedly to capitalise on its owner's brand and financial strength. It has invested to expand capacity at its existing locations in India which is reportedly sufficient to accommodate 17,000 employees compared with the 7,500 staff already employed by the company in October 2006.[5] This comes at a time when The New York Times reports that widespread demand by for engineers and software developers in India may mean the country is heading for a skills shortage.[6]

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.[7]

[edit] Offices and presence

i-flex head office, Bangalore, India
i-flex head office, Bangalore, India

[edit] Asia Pacific

[edit] Europe

[edit] North America

The company is also represented in the US through its business process outsourcing subsidiary Equinox Corporation which is based in Irvine, California.

[edit] Products

  1. FLEXCUBE: A banking transaction processing application suite for a variety of market segements including general banking, corporate banking, wealth management, mutual funds, brokerages and syndicated lending.
  2. PrimeSourcing: Focuses on compliance, application development, re-engineering, integration, testing, implementation and maintenance processes. It claims to have SEI-CMMi Level 5 certification. PrimeSourcing operates development centers in India, Singapore and the US. The company has centers of excellence in business intelligence, CRM, payment solutions and testing services. It also has an Oracle Competency Center.[citation needed]
  3. Reveleus: Is a suite of analytical applications for the financial services industry focused on risk management, customer insight, and enterprise financial performance.
  4. i-flex Consulting: Specialises in business, technology and process consulting services.
  5. Daybreak: Daybreak is a consumer lending system for automobile financing covering origination, servicing and collections market segments. The product uses a relational database.

[edit] Subsidiaries

  1. Equinox: i-flex subsidiary Equinox offers so-called knowledge process outsourcing services to a variety of financial services market segments.
  2. Castek: i-flex owns a majority stake in Castek Software Inc, a Toronto-based developer of software for property and casualty insurers.
  3. Mantas: A US-based anti-money laundering and compliance software company.

[edit] Notes

  1. ^ "Oracle's I-flex Buy", E-Week, 2006-08-5. Retrieved on August 28, 2006.
  2. ^ "Oracle to buy i-flex stakes from CitiBank", Rediff Money, 2006-07-25. Retrieved on August 28, 2006.
  3. ^ "i-flex Solutions to acquire US-based company", zdnetindia, 2006-08-17.
  4. ^ "i-flex Acquires Compliance Solutions Provider Mantas", Bank Systems&Technology, 2006-08-15.
  5. ^ i-flex embarks on expansion path, The Economic Times
  6. ^ Skills Gap Hurts Technology Boom in India, The New York Times
  7. ^ Oracle stake in i-flex rises to 53% after revised offer, The Economic Times (2007-01-21)

[edit] External links

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