BSE: IFLX.BO Founded: 1992 IPO: 2002
Chairman & Managing Director: Rajesh Hukku

In just 12 years, i-flex Solutions Limited has shown remarkable growth as a supplier of core banking technology to customers worldwide. i-flex posted a 29.97 percent increase in consolidated net profit at Rs. 2.32 billion (51.5 million) for the fiscal ending March 31, 2005 compared to Rs. 1.78 billion ($39.3 million)in the previous year. Revenues for the reporting fiscal have increased to Rs. 11.38 billion ($252 million) from Rs. 7.88 billion ($175 million) in 2004.

Customers include UBS, Lloyds TSB and Rabobank. R. Ravisankar, global sales head and CEO International Operations, i-flex, says the company’s customer profile has moved from small banks in emerging markets to top tier institutions in advanced markets. “We have adopted a number of proactive measures to ensure that we retain our customers,” he says.
Intense competition in the banking products sector comes from Temenos, Misys and FiServ.

Though the likes of i-flex and Temenos may stand to gain in a competitive scenario, relatively, Temenos will prove to be a stiff competitor in every banking product deal that matters.

The average license fee per deal at end-2004-05 was Rs. 585 million ($138 million) compared to Rs. 405 million ($0.9 million) at the end 2003. The increase in the average deal size is significant as it reinforces the capability of i-flex to handle large size deals in the banking space. This also reflects the company’s strategy of stepping up sales and marketing, strategic alliances, select acquisitions and investments.

Almost 50 percent of the revenues of i-flex in the fourth quarter came from Asia Pacific, West Asia and Africa and Latin American markets.

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