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Oracle Financial Services Software Limited (formerly called i-flex Solutions Limited Reuters:
IFLX.BO and IFLX.NS ) is an IT solution provider to the bankingindustry. Oracle Financial Services is
majority owned by Oracle Corporation. It claims to have more than 880 customers in over 135 countries.
[1]
Contents
[hide]
1 History
o 1.1 Part of Citicorp
o 1.2 i-flex
o 1.3 Enter Oracle Corporation
2 Products and services
o 2.1 Products Business
o 2.2 Services offerings
3 Offices and presence
o 3.1 Asia Pacific
o 3.2 Europe Middle East and Africa
o 3.3 South America
o 3.4 North America
4 References
[edit]History
[edit]Part of Citicorp
Oracle Financial Software Limited 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.
[edit]i-flex
CITIL started off with the universal banking product MicroBanker (which became successful in some
english speaking parts of Africa and other developing regions over the next 34 years) and the retail

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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.
[2]
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 be 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.
[edit]Enter Oracle Corporation
Oracle Financial Services Software - Bagmane 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
(Rs39,600,000,000 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]

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Oracle Financial Services Software Limited (formerly called i-flex Solutions Limited Reuters: IFLX.BO and IFLX.NS ) is an IT solution provider to the bankingindustry. Oracle Financial Services is majority owned by Oracle Corporation. It claims to have more than 880 customers in over 135 countries.[1] Contents  [hide] 1 History 1.1 Part of Citicorp 1.2 i-flex 1.3 Enter Oracle Corporation 2 Products and services 2.1 Products Business 2.2 Services offerings 3 Offices and presence 3.1 Asia Pacific 3.2 Europe Middle East and Africa 3.3 South America 3.4 North America 4 References [edit]History [edit]Part of Citicorp Oracle Financial Software Limited 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 ...
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