Revelus, Financials Accounting Hub Oracle FSS
Overview
Oracle Financial Services Software Limited (formerly India-based I-flex Solutions Limited) was established in 1993 and was rebranded by Oracle in 2008. It is a public limited company of which Oracle owns a little over 80 per cent. There are around 9000 members of staff spread across India, the US, Australia, Canada, Chile, China, France, Germany, Greece, Ireland, Japan, the Netherlands, Russia, South Korea, the UAE, and the UK. Oracle Financial Services Software (Oracle FSS) claims to have over 900 customers in more than 135 countries through its portfolio of products and services. Reveleus is its offering for risk management.
Positioning of Oracle FSS
Oracle as a whole claims more than 370,000 customers – including all of the Fortune 100 – and represents a variety of industries in more than 145 countries with approximately 105,000 full-time employees. It focuses on the financial services industry via the Oracle Financial Services Global Business Unit (FSGBU), and Oracle FSS is an integral part of this, offering solutions catering for retail, corporate, and investment banking, plus funds, cash management, trade, treasury, payments, lending, private wealth management, asset management, compliance, enterprise risk, and business analytics. In November 2016, Oracle announced that it had signed an agreement to acquire Dyn, a leading DNS provider that monitors,
controls and optimizes cloud based Internet performance. The acquisition will extend Oracle’s cloud computing platform and provide enterprise customers with a one stop shop for Infrastructure-as-a-Service (IaaS) and Platform-as-a-Service (PaaS).
Corporate history
I-flex started out as Citicorp Information Technologies Limited (Citil) in 1993, before becoming I-flex Solutions in early 2000. It was spun out of Citigroup’s venture capital arm and initially focused on developing markets, with its Microbanker system. The rewritten version, Flexcube, propelled the company into mainstream markets, resulting in a client list which within four years topped 100. By the end of 2005, this had risen to over 260. It includes some major players, with the largest roll-out to date within Citibank itself. In August 2005, Citigroup Venture Capital International sold its 41 per cent shareholding in I-flex to Oracle. I-flex retained its name, identity and infrastructure, but swapped a passive investor for a far more aggressive partner. A year later, Oracle had increased its holding to almost 51 per cent, thus achieving a majority shareholding. Despite having divested itself of its shareholding, the relationship with Citibank continued, so that by the end of 2005 the bank still contributed 65-70 per cent of I-flex’s services revenue, with a further three-year extension to the service contract being signed. By the end of 2006, Oracle sought to raise its stake in I-flex to 90 per cent and was partially successful, gaining more than 80 per cent. Although both parties initially went out of their way to refer to the deal as an investment by Oracle and not a takeover, rival suppliers expressed understandable concern, in particular those with Oracle-based solutions, which had previously viewed Oracle as a partner. With Oracle support centres in 200 countries and relationships with some 8500 banks, it looked as though there could be real benefits for I-flex in being able to leverage the infrastructure. Another immediate benefit was the raised profile of the I-flex name as a result of the publicity surrounding the deal. Going forward, Oracle expressed the intention of bringing all of its products into an SOA model to facilitate the offering of components from both Oracle (including its multiple ERP systems) and I-flex, side by side. I-flex was rebranded in 2008, becoming Oracle FSS. Speaking on an analysts’ conference call, Oracle president, Charles Phillips, said that the name change reflected what customers wanted the firm to do. ‘It addresses the concern that we are one team, with one plan, one strategy and increasingly integrated.’ Phillips described the move as ‘the next logical evolution of the partnership’, saying the companies had become more integrated in all aspects of business ‘operationally, go to market and branding’.
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