i-Flex in $10-M deal with Chilean bank

By siliconindia staff writer   |   Friday, 18 June 2004, 07:00 Hrs
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MUMBAI: Chile's second-largest bank, Banco de Chile, has selected software designed by Indian firm

i-Flex to automate its core retail banking system, according to Bombay Stock Exchange (BSE) news.

An i-Flex spokesman said the deal was worth more than $10 million and was due to be completed in six to eight quarters.

A posting on the BSE's Web site, www.bseindia.com, said the i-Flex team started work on the project in September 2003 and had completed the initial project groundwork.

The product concerned is i-Flex's Flexcube, which helps banks and financial firms automate core operations. It competes with products of Swiss software firm Temenos Britain's Misys Plc.

Mumbai-based i-Flex earns the majority of its revenue from software product sales, unlike most Indian software companies that focus on relatively low-risk services billed by the hour.

Citigroup Inc's investment arm owns a 42 percent stake in i-Flex. The software company counts Citibank and Japan's Shinsei Bank among its key customers.

i-Flex shares were up three percent after the announcement.

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