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Oracle Financial Services Software

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Oracle Financial Services Software Limited
Formerlyi-flex Solutions
Company typePublic
IndustryEnterprise software
Founded1990; 34 years ago (1990)
Founders
  • Rajesh Hukku
  • Deepak Ghaisas
  • R. Ravisankar[1]
HeadquartersMumbai, India
Key people
  • Sridhar Srinivasan (Chairperson)
  • Makarand Padalkar (CEO and MD)[2]
RevenueIncrease ₹6,373 crore (US$760 million) (2024)
Increase ₹2,680 crore (US$320 million) (2024)
Increase ₹2,219 crore (US$270 million) (2024)
Number of employees
8,754 (2024)
ParentOracle Corporation
Websitewww.oracle.com/in/financial-services
Footnotes / references
Financials as of March 31, 2024.[3]

Oracle Financial Services Software Limited (OFSS) is a subsidiary of Oracle Corporation. Headquartered in Mumbai, India, it is involved in financial and insurance technology.

History

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Early history

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In 1992, the non-Citi operation’s software business was spun off into a separate company, Citicorp Information Technology Industries Ltd. (Citil), subsequently called i-flex Solutions. The venture headed by Rajesh Hukku received a seed funding of $400,000 from Citi corp. Citil inherited the legacy software Microbanker from Citi Overseas Software. With the revenue from selling Microbanker to customers in mostly Africa and later to other markets, Citil invested in developing Flexcube, their next software product. Flexcube was very successful and claimed the top spot in annual sales ranking by International Banking Systems, a U.K.-based industry publication in 2002.[4]

Oracle Corporation

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Oracle Financial Services Software – Bagmane Tech Park, Bangalore

Oracle purchased Citigroup's 41% stake in i-flex Solutions for US$593 million in August 2005, a further 7.52% in March and April 2006, and 3.2% in an open-market purchase in mid-April 2006.[citation needed]

On 14 August 2006, Oracle Financial Services 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 the majority shareholder Oracle Corporation.

On 12 January 2007, after an open offer price to minority shareholders, Oracle increased its stake in I-FLEX to around 83%.[5]

On 4 April 2008, Oracle changed the name of the company to Oracle Financial Services Limited.[6]

Now, Oracle Financial Services Software Limited is a major part of Oracle Financial Services Global Industry Unit (FSGIU).[7]

Products and services

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Oracle Financial Services Software Limited has two main streams of business. The products division (formerly called BPD – Banking Products Division) and PrimeSourcing.[8] 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 re-branding exercise in the latter half of 2008. As part of this, the corporate website was integrated with Oracle's website. Various divisions, services, and products were renamed to reflect the new identity post alignment with Oracle.

Recently, Oracle Financial Services launched products for Internal Capital Adequacy Assessment Process, exposure management, enterprise performance management and energy, and commodity trading compliance.[when?][citation needed]

The company promotes its BPO business process outsourcing business via its subsidiary Equinox Corporation which is based in Irvine, California.[9]

In 2002 DotEx International Joint Venture NSE.IT and i-flex solutions Ltd signed a memorandum of understanding (MoU) with BgSE Financials Ltd, to provide Internet trading services.

See also

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References

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  1. ^ Thimmaya, PP; Shivapriya, N. (16 July 2009). "Rajesh Hukku to exit Oracle Fin Services". The Economic Times. Retrieved 18 July 2024.
  2. ^ "Oracle Financial Services Software Limited (OFSS) Governance". oracle.com. Retrieved 24 May 2024.
  3. ^ "Oracle Financial Services Software Limited - Annual Report 2023-24" (PDF). Oracle. Retrieved 18 July 2024.
  4. ^ Karmali, Naazneen (3 October 2005). "Bankware". Forbes. Retrieved 17 April 2023.
  5. ^ Oracle stake in i-flex rises to 53% after revised offer, The Economic Times (21 January 2007)
  6. ^ "I-flex solutions limited to change its name to Oracle Financial Services Limited". Archived from the original on 13 May 2008. Retrieved 23 January 2011.
  7. ^ "Oracle Financial Services Board of Directors". Retrieved 1 April 2019.
  8. ^ Shivapriya, Vinu Lal & N. (10 May 2011). "Oracle may exit software services business as part of plans to divest non-core assets". The Economic Times. ISSN 0013-0389. Retrieved 6 August 2023.
  9. ^ "Oracle posts upbeat quarterly revenue on cloud demand, Cerner boost". Reuters. 12 December 2022. Retrieved 6 August 2023.
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