Transcript
iFlex Prepared by - Raghav Brief Overview of the Company: Founded in 1991 Headquarters Mumbai, (India) Key people Rajesh Hukku, Chairman and Head \u2013 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 approx (2007) 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\u2019s 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. 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. 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 toneeds of corporate, retail and investment banking as well as treasury operations and datawarehousing requirements. The related activities include enhancements, implementation and maintenance activities. IT solutions and consulting services comprise of bespoke software development, provision of computer software solutions and related consulting services arising from such activities. PrimeSourcing, its global IT services business, provides customized software solutions for the financial services industry. Its Technology Deployment & Management Services group designs, develops, deploys and manages IT infrastructure for financial institutions. Knowledge Processing Services comprise business process outsourcing services for mortgage industry. 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 \ue000Amritsar Central Cooperative Bank, India \ue000Antwerp Diamantbank, India \ue000Asia Fund Services, Singapore \ue000Asian Finance Bank, Malaysia \ue000First Gulf Bank, UAE \ue000Kotak Mahindra Finance, India \ue000Lord Krishna Bank, India For more details of customer, please the company site. Major Events in the company (M&A etc.): i-Flex Solutions Limited Increases Its Stake In Castek To 100% Oct 04, 2007 i-Flex Solutions Limited announced that it has acquired a 100% stake in Castek Software Inc. The Company board has approved the acquisition and the transaction is expected to close by March 2008. Bank M (Tanzania) Selects i-flex s FLEXCUBE As Core Banking Solution Sep 17, 2007 i-Flex Solutions Limited announced that Bank M (Tanzania) has selected its flagship product FLEXCUBE as its core banking solution. i-Flex Solutions Limited Announces Appointment Of Managing Director Aug 24, 2007i-Flex Solutions Limited announced that the Company has appointed Mr. N R K Raman as the Managing Director for a period of five years with effect from May 01, 2007, to April 30, 2012. i-Flex Solutions Limited Partners With Bharosa To Offer Its Banking Customers Uncompromising Protection Against Online Fraud Jun 08, 2007 i-Flex Solutions Limited announced that Bharosa and the Company will collaborate to provide joint banking customers with advanced security solutions to combat the growing threat of consumer identity theft and fraud on the internet. Bharosa will enable the Company to add real-time fraud detection and multiple forms of authentication security to its FLEXCUBE retail banking product. The joint solution will safeguard consumers online identity and transactions against the latest forms of online threats, including phishing, spyware, and malicious computer bots. i-Flex Solutions Limited Stocks Soar On Talk of Oracle Offer-Reuters Jun 05, 2007 Reuters reported that Shares in i-Flex Solutions Limited rose sharply on market talk that majority owner Oracle Corp. may make an open offer to increase its stake in the Company. Oracle owned about 81% of the Company as at end-March. 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. I-Flex Solutions Limited Announces Management Changes May 01, 2007 I-Flex Solutions Limited announced the appointment of Chief Operating Officer N. R. K. Raman as the Company s new Managing Director and Chief Executive Officer. Rajesh Hukku, the current Chairman of the Board and Managing Director of the Company will continue on the board as the Non-Executive Chairman. 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, 2007I-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) Best Core Banking Project Award ã i-fl ex® solutions and Syndicate Bank, one of India’s leading public sector banks, won the ‘Best Core Banking Project Award for Large Banks’ at The Asian Banker IT Implementation Awards, 2006. Launched last year, the Asian Banker IT Awards aim to discover emerging best practices in the use of IT in the fi nancial services industry. The assessments were based on four inter-related criteria: project implementation, business value created, qualitative analysis and architectural design, and technical innovation. One of the 38 Best Earners in Financial Services ã Research by The American Banker and Financial Insights, an IDC company, resulted in i-fl ex receiving the FinTech citation at the BAI-RDS conference in Las Vegas, USA, for best fi scal results. The FinTech 100 evaluates IT services companies on fi scal year-end revenues and the percentage attributed to the fi nancial services industry. ã 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 ã 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. SWIFTReady Silver Label (2007) awarded to FLEXCUBE for Payments ã FLEXCUBE V.UM Release 7.3 received the SWIFTReady Silver 2007 Label for complying with SWIFT Criteria for its payments application. This label identifies products that are compliant with SWIFT, integrate efficiently into the SWIFT environment, increase traffic automation, and achieve straight-through processing (STP). The Banker Magazine commends Reveleus™ for Innovation
