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Prepared by - Raghav
Founded in 1991
Headquarters Mumbai, (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.
I-flex was earlier known as Citicorp Information Technologies Industries Ltd. (CITIL).It
was carved out of a Citicorp (now Citigroup), wholly owned subsidiary called Citicorp
Overseas Software Ltd. (COSL) in 1991. While COSL's mandate was to serve Citicorp’s
internal needs globally and be a cost center, CITL's mandate was to be profitable by
serving not only Citicorp but the whole global financial software market.
Business Solutions:
The Group's principal activity is to provide information technology solutions to the
financial service industry worldwide. The Group is organized into three business
segments:
Products, Services and KPO Services.
Product licenses and related activities segment deals with banking software products like
the FLEXCUBE suite of products, Reveleus, Microbanker and Daybreak which cater to
needs of corporate, retail and investment banking as well as treasury operations and
datawarehousing requirements.
Major Customers:
They have provided product/services t0 765 financial institutions, in over 130 countries,
including Banco de Chile, Citibank, the International Monetary Fund (IMF), Shinsei bank
and UBS.Below is another list of some of their major customers
i-Flex Solutions Limited Announces Korea Exchange Bank Selects Mantas Anti-
Money Laundering
May 21, 2007
i-flex Solutions Ltd announced that Mantas Inc.,a business of the Company announced
that Korea Exchange Bank has purchased the Mantas Anti-Money Laundering Solution.
Allied Irish Bank Selects i-flex as Strategic Partner for Transformation of its Retail
Operations
Apr 09, 2007
I-Flex Solutions Limited announced that Allied Irish Bank (AIB), Ireland's financial
services Company and a top tier bank, has selected the Company as strategic partner in its
key retail transformation project. AIB is using the Company's FLEXCUBE Core Banking
application to help implement a common IT operating model for retail banking operations
throughout the Group.
People's Bank Selects I-Flex Solutions Limited FLEXCUBE For Core Banking
Jan 16, 2007
I-Flex Solutions Limited and Oracle Corp. announced that People's Bank (Bridgeport,
Connecticut) has selected I-Flex's FLEXCUBE for its Core Deposits system replacement.
The bank will implement FLEXCUBE, along with Reveleus Customer Profitability
Analytics and Oracle Database.
I-Flex Solutions Limited's Ii-Flex Solutions Pte Ltd To Acquire Capco's Singapore
Consulting Practice
Jan 02, 2007
I-Flex Solutions Limited announced that its Singapore headquartered subsidiary, i-flex
solutions pte ltd, has entered into a definitive agreement to acquire the Singapore
subsidiary of Capco - The Capital Markets Company Pte Ltd. Details of the transaction
were not mentioned.
Recent award and recognition (Good for speaking about the company in
the interview)
• Forbes Asia ranked i-fl ex No. 12 in its ‘Best under Billion List’.
IBS ranks FLEXCUBE® the #1 Banking Solution for the Fifth Consecutive Year
• FLEXCUBE retained its position as the world’s No.1 selling banking solution for the
fifth consecutive year, in International Banking Systems (IBS) Annual Sales League
Tables for 2006, leading all other banking products across all categories in the number of
new wins for the year.
Financials:
Sources of Revenue:
As expected from any Indian IT company, they receive most of the revenues from USA
(39%). Europe and Asia-pacific market follows the list with contributions of 28% and
15% of the revenue respectively.
Their main two operation are product and services. Iflex earns their money from sale of
IT product for financial sector (54%) and from after sales services they provide to the
customer (46%).
As discussed before the Group is organized into three business segments: Products,
Services and KPO Services contributing to 55%, 43% and 2% of the total revenue
respectively.
As far as costs are concerned it is expected that most of the cost will be towards human
capital i.e. staff, contributing to 64% of the overall cost.
Other cost includes travel cost (13%), cost of application software used within the
company (4%), professional fees (9%) and facility cost (5%).
Competitors:
Excellent site for information about competitors…..i am purposely not giving the
list……go to the site and get information about any competitor you want
http://www.inntron.co.th/corebank.html
Company Strategy:
Large corporate and retail banking assignments, emerging areas such as Islamic Banking,
private wealth management, enterprise risk management and compliance and IT
outsourcing are some of the areas where i-flex sees opportunities in the next few years.
The company has been engineering a series of acquisitions to expand into software for
risk management, anti-money laundering, consumer lending, and property and casualty
insurance.
i-flex recently entered the insurance vertical and it plans to continue to expand the
capability within the financial services domain
Key points to remember:
• Posted annual revenues of Rs. 2,061 crores (Indian GAAP Consolidated) for 2006-
2007. Net profi ts increased by 50 percent.
• Combined revenues from USA and Europe grew from 67 to 70 percent.
• Number of customers serviced increased from 642 to 753; FLEXCUBE
now has a global presence in over 105 countries, with 315 customers.
• Annual products revenue registered a 47 percent increase to Rs. 1,121 crores. The
product tank size stood at USD 82.5 million, the highest level reached till date, showing a
27 percent year-on year increase.
• Employee strength grew to 9,000 plus.
• Opened new offices in London, New Jersey, Seoul and Taipei; invested in new office
space across Mumbai, Pune, Bangalore and Chennai in India.
• Acquired Mantas, a leading software company providing solutions for regulatory
compliance, governance and anti-money laundering, in an all cash transaction of USD
122.6 million.
• The consulting business expanded with the acquisition of CAPCO’s Singapore
operations.
Insider Information: