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Head office: Oracle Financial Services Software Limited, Oracle Park, Off Western Express Highway, Goregaon (East), Mumbai 400063 Maharashtra, India Tel: +91 22 6718 3000 Email:
financialservices_ww@oracle.com Other offices: India (Bangalore, Chennai, Gurgaon, Mumbai, Pune), US (Boston, California, Miami, Minneapolis, Minnesota, New Jersey, Virginia), Amsterdam, Athens, Australia, Dubai, Dublin, Frankfurt, London, Moscow, Paris, Santiago, Seoul, Shanghai, Singapore, Taiwan, Tokyo, Toronto Website:
www.oracle.com/financialservices Twitter: @oraclefs Contact: Tushar Chitra, Senior Director Marketing, Tel: +91 80 4918 1017, Email:
tushar.chitra@
oracle.com Founded: Oracle Financial Services Software Limited (formerly called I-flex Solutions Limited) was established in 1993. I-flex was rebranded as Oracle Financial Services Software Limited in August 2008 Ownership: Public Limited Company of which Oracle owns 80.44 per cent Number of staff: 9600+
The flagship Flexcube was launched in 1998 and started out on Oracle, Unix and Windows NT. It is a universal back office offering which spans both treasury and capital markets. The treasury part was a new development and there was some retail functionality added to this. The higher end Flexcube Retail was essentially Finware rebranded and converted from Sybase to Oracle. Flexcube had a markedly smoother entry onto the market than virtually any other system. The fact that existing Microbanker users were willing pilot partners reflected the supplier’s good track-record. A few Microbanker users have gone elsewhere but there has been a steady stream of upgrades. While Flexcube is meant for developed markets, the reality has seen it sold to a wide range of banks (so, for instance, it has gained a large number of takers in Africa). After the rebranding of the company as I-flex, there was a period of steady growth followed by rapid acceleration with regional offices opening across Europe, Asia Pacific and the US, with a resultant marked increase in headcount. In terms of notable wins for Flexcube, there are plenty that could be highlighted. For instance, it gained an eleven or twelve-site deal from Development Bank of Singapore, and a global contract from UBS Warburg. As already mentioned, the biggest ongoing project (and, arguably, the biggest ever back office project in this sector) was at Citibank, with the bank rolling out
Flexcube simultaneously across the world. The system was to be located in four data centres to support 97 countries. Understandably, given its progress, I-flex attracted the attention of some large would-be partners. IBM and Hewlett-Packard were proactive, so too Fujitsu
for Asia
Pacific. In November 2003, I-flex and IBM entered into a strategic alliance. Under the terms of this, I-flex was to make Flexcube available, in a phased manner, on IBM’s J2EE-based Websphere internet infrastructure software and DB2. IBM was also to promote Flexcube and I-flex’s Reveleus data warehouse on its middleware and IBM eServer pSeries. The Java version of Flexcube Retail was duly launched before the end of 2004. A version of Flexcube for Oracle 10g followed in mid-2005, by which time Kerala State Co-operative Bank had signed as the first taker for a Linux version.
I-flex continued to build up its own resources, including the recruitment of non-Indians for sales positions, and it opened its first overseas development centre, in late 2002, in Singapore. In late 2003, in what was promised as the first of a number of acquisitions, I-flex acquired a US consumer lending systems supplier, SuperSolutions Corporation, which brought with it the Daybreak system. Meanwhile, I-flex continued its progress, topping the annual IBS Sales League Table for several years (until 2007).
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company details
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