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Oracle Financial Services Software

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Oracle Financial Services Software Limited
Company typePublic
IndustryComputer Services on Finance/Banking
Founded1991
HeadquartersMumbai, India
Key people
William T. Comfort, Jr, Chairman
Rajesh Hukku, Sr Vice President and GM - Oracle Financial Services Global Business Unit (FSGBU).
R. Ravisankar (Shanx), Vice-chairman, OFSS and Sr Vice President Oracle FSGBU
NRK Raman , Managing Director and Chief Executive Officer. .
Makarand Padalkar , Chief Financial Officer.
ProductsOracle FLEXCUBE, Oracle Reveleus, Oracle Daybreak, Oracle Mantas, Oracle Industry Reference Model for Banking
ServicesApplication lifecycle management, financial services consulting, Business Transformation Consulting, Governance Risk and Compliance Consulting, Troubled Asset Relief Program, IT Governance and Process Consulting, IT Architecture Consulting, Islamic Banking, Program Management Services
RevenueIncrease$478 million USD
Number of employees
~11,000 (2009)
ParentOracle Corporation
WebsiteOracle in Financial Services [1]

Oracle Financial Services Software Limited (formerly called i-flex Solutions Limited Reuters: IFLX.BO and IFLX.NS ) is an IT solution provider to the banking industry. Oracle Financial Services is majority owned by Oracle Corporation. It claims to have more than 880 customers in over 135 countries on "Oracle Financial Software Limited website".

History

Part of Citicorp

Oracle Financial Software Limited started as a division in CITICORP (now Citigroup), wholly owned subsidiary called Citicorp Overseas Software Ltd. (COSL) in 1991. Mr. Ravi Apte carved out a separate company Citicorp Information Technologies Industries Ltd. (CITIL) out of COSL and named Mr. Rajesh Hukku to head CITIL. While COSL's mandate was to serve Citicorp’s internal needs globally and be a cost center, CITIL's mandate was to be profitable by serving not only Citicorp but the whole global financial software market. COSL was the brain child of Mr. Ravi Apte, who convinced Citicorp, while working for Citibank, to start COSL as the offshore captive.

Many of the executive management of Oracle Financial Services, including Rajesh Hukku, R.Ravisankar and NRK Raman were at COSL and moved to CITIL when it was formed.

i-flex

CITIL started off with the universal banking product MicroBanker (which became hugely successful in Africa and other developing regions over the next 3–4 years) and the retail banking product Finware. In the mid-90s, CITIL developed FLEXCUBE at its Bangalore development center after a significant development effort spanning more than 18 months. After the launch of FLEXCUBE, all of CITIL's transactional banking products were brought under a common brand umbrella.

CITIL changed its name to i-flex solutions to reflect its growing independence from Citicorp and to strengthen its FLEXCUBE brand. [citation needed] The name CITIL also made the prospective client banks hesitant about trusting the company with their data, since the name alluded to a close link with Citibank which could one of their competitors.

The first version of MicroBanker was created at COSL by Ravi Sankaran who migrated to Australia before CITIL was formed. COSL started selling MicroBanker to non-Citi banks in Africa. Ravi Apte the founder CEO of COSL decided to carve out CITIL to focus on non-Citi business. Because non-Citi was the primary target for MicroBanker, MicroBanker was moved to CITIL. Rajesh Hukku was in the United States managing COSL's business development in North America during the time CITIL was formed. It was Mr. Apte who decided to get Hukku back to India to head the newly formed CITIL.

Enter Oracle Corporation

Oracle Financial Services Software - Bhagmane Tech Park, Bangalore

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.

On August 14, 2006, i-flex solutions announced it would acquire Mantas, a US-based anti-money laundering and compliance software company for US$122.6 million. The company part-funded the transaction through a preferential share allotment to majority shareholder Oracle Corporation.

Following its acquisition by Oracle, i-flex has begun an expansion plan reportedly to capitalize on its owner's brand and financial strength.[citation needed] It has invested to expand capacity at its existing locations in India which is reportedly sufficient to accommodate 17,000 employees compared with over 10000 staff already employed by the company in August 2007.[citation needed]

On January 12, 2007, after an open offer price to minority shareholders last month, Oracle now has close to around 83% stake in i-flex.[1]

On April 4, 2008, the board of directors of i-flex solutions approved a proposal to change the name of the company to Oracle Financial Services Limited, subject to regulatory and shareholder approvals. A press release issued by the company said that "The proposed new name reflects the company's close strategic and operational alignment with its parent, Oracle Corporation, which owns 81 percent of the company." It added that the current management team under N.R.K. Raman, CEO and Managing Director, will continue to run the operations of the company.[2]

Products and services

Oracle financial services software limited has two main streams of business. The products division (formerly called BPD - Banking products Division) and PrimeSourcing. The company's offerings cover retail, corporate and investment banking, funds, cash management, trade, treasury, payments, lending, private wealth management, asset management and business analytics. The company undertook a rebranding exercise in the latter half of 2008. As part of this, the corporate website was integrated with Oracle's website and various divisions, services and products renamed to reflect the new identity post alignment with Oracle.

Recently,Oracle financial services launched products for Internal Capital Adequacy Assessment Process and exposure management and enterprise performance management.

Products Business

  • Oracle FLEXCUBE
  • Oracle FLEXCUBE Core Banking
  • Oracle FLEXCUBE Universal Banking
  • Oracle FLEXCUBE Investor Servicing
  • Oracle FLEXCUBE Private Banking
  • Oracle FLEXCUBE Lending and Leasing
  • Oracle FLEXCUBE Islamic Banking
  • Oracle FLEXCUBE Direct Banking
  • Oracle FLEXCUBE Enterprise Limits and Collateral Management
  • Oracle Daybreak
  • Oracle Reveleus
  • Oracle Reveleus Internal Capital Adequacy Assessment Process
  • Oracle Reveleus Basel II
  • Oracle Reveleus Operational Risk
  • Oracle Reveleus Market Risk
  • Oracle Mantas
  • Oracle Mantas Anti Money Laundering
  • Oracle Mantas Trading Compliance
  • Enterprise Performance Management

Services offerings

  • Oracle Financial Services Consulting
  • Oracle Financial Services Support
  • Oracle Financial Services BPO
  • Oracle Financial Services OnDemand
  • Oracle Financial Services University
  • Oracle Financial Services AIM
  • Oracle Partner Network

Offices and presence

Asia Pacific

Europe Middle East and Africa

South America

North America

The company promotes its BPO business process outsourcing business via its subsidiary Equinox Corporation which is based in Irvine, California.

References

  1. ^ Oracle stake in i-flex rises to 53% after revised offer, The Economic Times (2007-01-21)
  2. ^ solutions limited to change its name to Oracle Financial Services Limited

Oracle stake in i-flex rises to 83%

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