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Head office: First Floor, SDF III, SEEPZ SEZ, Andheri (E), Mumbai 400 096, India Tel: +91 22 6776 4000 Email: corporate@infrasofttech.com; marketing@infrasofttech.com Other offices: Bahrain, Channel Islands, India (3), Malaysia, Singapore, UAE, UK, US Website: www.infrasofttech.com Contact: Rajesh Mirjankar (CEO) Founded: 1995 Ownership: Majority shareholder is Baring Private Equity Partners Number of staff: 650


significant of these signings was that first Islamic win at EIIB, where OmniEnterprise was taken as the bank’s Shari’ah- compliant single back office processing engine across its Islamic treasury, capital markets, investment banking, trade finance, asset management and advisory businesses. To aid its ambitions, Baring Private Equity Partners invested over $25 million to take a significant stake in Infrasoft. The supplier had looked at a number of options, including mergers and IPO, but this seemed to be the best, said founder and CEO, Hanuman Tripathi. Infrasoft was not looking solely for a cash injection, he added, but for a partner which could help advance its growth plans. Half of the investment was likely to be used for a US acquisition, said Tripathi, with Infrasoft looking for companies which would bring a local user and resource base. The rest of the investment would mainly be used for sales and marketing, as well as potentially building up the infrastructure in India and a development centre in Malaysia. During 2008, the OmniEnterprise user list grew markedly. This was largely due to a considerable opening up of the low end of the Indian market, mainly through pressure from the central bank, driven by a focus on fraud, anti-money laundering, and counter-terrorist financing. As Infrasoft began to see a downturn elsewhere, so it built up its domestic sales- force to reach the different Indian states, said Tripathi. In total, in 2008, Infrasoft chalked up 34 new name deals. As well as the many Indian ones, there was Lagoon Home Savings & Loans in Nigeria, Al Mal Bank in Qatar, Alawwal Financial Services in Saudi Arabia, Global Banking Corporation in Bahrain (an Islamic banking start-up where Infrasoft won versus Temenos, Oracle FSS and Path), plus off-the-record deals in Ethiopia and Ecuador, the latter for microfinance. The supplier seems to have a good track-record of delivery


and one project in 2008 that went well was at Global Banking Corporation, with cut-over on time and in budget. This was for Islamic treasury and investment banking including equity trading, asset and portfolio management and risk management. Alongside a large number of low-end domestic wins, 2009


also saw a few gains in the Middle East for Infrasoft. These came from Saudi Arabia, Bahrain and Jordan, a couple of which had an Islamic banking requirement. In 2010, there was again a large number of Indian gains as well as a smattering of signings elsewhere (Philippines, Tajikistan, Saudi Arabia, the UK and Ethiopia). Indeed, Ethiopia has become a relatively successful hunting ground for the vendor, with six clients here on its customer list by mid-2012 and others evaluating the solution. Around the same time, Infrasoft claimed to have around 15 core banking projects on the go in India and Africa. Further success in Ethiopia came in 2012 at start-up, Addis International Bank, via local partner, Fairfax Technologies. Among other banks evaluating OmniEnterprise was a start- up, Enat Bank, which was thought to have been heading Infrasoft’s way but the project did not materialise and the bank re-tendered towards the end of 2013. Some existing customers, however, have been moving onto rival systems, such as Alawwal Capital in Saudi Arabia and Dombivli Nagari Sahakari Bank (DNS Bank) in India. The former opted for the Ethix core offering from ITS, and the latter went to market in mid-2013 in search of an OmniEnterprise replacement. There were no known new takers of Infrasoft’s core offering outside the lower end domestic market in 2013, although it gained a first taker in Mauritius, Mauritius Housing Company, in mid-2014. It also had a few cutovers in the first half of the year, at microfinance institution, TSPI, in the Philippines (a 2011 win), and the United Nations Relief and Works Agency


Islamic Report www.ibsintelligence.com 135


company details


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