Head office: Oracle Financial Services Software Limited, Oracle Park, Off Western Express Highway, Goregaon (East), Mumbai 400063 Maharashtra, India Other Offices: India (6), US (7), Australia, Canada, Chile, China, France, Germany, Greece, Ireland, Japan, Netherlands, Russia, Singapore, South Korea, UAE, UK 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 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 bank subsequently moved to an in-house implementation of Flexcube instead. The bank’s CIO, Prashant Nema, said: ‘We continue to be keen on outsourcing and offshoring, and we already have a lot of such work going on, for example, our new analytics business, but this option is too risky for core banking. We feel it is not as secure and resilient as we need, so we have a core system deployed in-house in the US.’ Prior to this, 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. This brought a system called Daybreak, with a strong domestic US customer base. The system was originally designed with autofinance in mind, but was extended to other aspects of consumer lending. It automated loan origination, servicing and collection.
I-flex started to push Daybreak in Europe and gained a
first taker here in Netherlands-based Hollandsche Disconto Voorschotbank (HDV) and it subsequently gained Arenda
The arrival of Oracle
In August 2005, Citigroup Venture Capital International sold its 41 per cent shareholding in I-flex to Oracle. Citibank had been actively looking to relinquish its holding in I-flex and a sale to Oracle had obvious implications for the core banking systems sector as a whole: I-flex swapped a passive investor for a far more aggressive partner. By mid-2006, Oracle had increased its holding to almost 51 per cent, thus achieving a majority. Despite having divested itself of its shareholding, the relationship with Citibank continued, such 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 83 per cent.
Holding and Volkswagen Bank in the same country. Later in 2004 there was also the acquisition of a US-based supplier of customer acquisition and business process outsourcing services, Equinox Corporation. The Banking Industry Architecture Network (BIAN), a
not-for-profit association set up to establish a common architectural framework for banking interoperability, has welcomed five new members in November 2015. Oracle, Hewlett Packard Enterprise (HPE), Siam Commercial Bank, Discover Financial Services and Brazilian bank Sicredi have all joined as members of the network. BIAN’s goal is to establish a semantic framework which can identify and define differing IT services in the banking industry. The aim is to enable banks to achieve a reduction in integration costs as a result. The new members, confirms BIAN, will take an advisory role in the project, informing banks and companies on the benefits of complying with BIAN’s international IT model.
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. An I-flex- derived data warehouse, Reveleus, became an integral part of Oracle’s risk management suite. Oracle expressed the intention of bringing all of its products into a Service Oriented Architecture (SOA) model to facilitate the offering of components from both Oracle (including its multiple ERP systems) and I-flex, side by side. Relevant parts of the acquisitive parent’s suite looked to be Siebel CRM and Business Intelligence specialist, Hyperion. Amidst the changes, I-flex continued to sell well so that it topped the IBS Sales League Table with 43 new-name wins in 2006.
US Financial Services Technology Market Report |
www.ibsintelligence.com 107
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