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News >> Technology >>
i-flex ties up with NAB, signs $90 Mn deal
By siliconindia
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Tuesday, 19 August 2008, 17:08 IST
Bangalore: i-flex, a banking solution provider, has signed a deal worth $90 million with Australia Bank (NAB), to provide its banking solution to NAB, reported The Economic Times. The deal is believed to be the largest one ever for i-flex and also first for its main banking solution in antipodean nation.
NAB had selected Oracle to supply software as part of a five-year plan to replace its IT banking system. Major stakes in i-flex are owned by Oracle and the five-year contract which i-flex got is a part of the deal awarded to Oracle.
Initially, NAB is looking to establish a technology platform for a low cost direct banking system.
According to sources, i-flex will provide support activities such as professional and application management services and analytics. Its role may also include consulting.
Presently, India is home for three major banking solution businesses, which include i-flex, Finacle of Infosys Technologies and TCS' BaNCS. Most of the Indian headquartered companies are now competing each other and with global banks to get new contracts.
Apart from that Indian based banking solution companies have plans to enter new markets in West Asian region, Europe and Latin America.
Though the initial contracts are small and sale cycles times longer product companies are engaged with their customers over a longer duration, ensuring a steady stream of revenue.