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37. I-FLEX SOLUTIONS: One-product Magic

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DQI Bureau
New Update

Fiscal 2000-01 saw this

Bangalore-based company increase its presence in the US and Europe. Developed markets, including Japan, accounted for 62% of revenues, while another 13% came from

APAC. I-flex recently set up its APAC headquarters in Singapore to push regional sales.

Overall revenues grew 54%, from Rs 194 crore in 1999-00 to Rs 303 crore in 2000-01, while net profits stood at Rs 109

crore, up 58%. Packaged software accounted for 54% of the revenues, of which nearly 98% came from Flexcube and

MicroBanker, while the rest came from its project

monitoring and tracking system Promotr. Installation of its flagship product,

Flexcube, doubled during the year–70 financial institutions now form the customer-base worldwide. The company tied up with HDFC Bank for a JV to offer Flexcube to the banking and financial services industry, based on a service provider model. Recently, it also entered into a marketing alliance with IBM and picked up a 26% stake in Command International Software, a wholly-owned subsidiary of CIS of the US to gain entry into the global insurance market. 

PERFORMANCE HIGHLIGHTS
  • Developed markets, including Japan, accounted for 62% of revenues; 13% came from the APAC region
  • New operations in Singapore to push regional sales
  • Set up a joint venture with HDFC Bank to push the flagship product, Flexcube, into the banking and finance sectors
FACT SHEET
CEO (INDIA OPERATIONS): Deepak Ghaisas

START-UP YEAR: 1989 PRODUCTS & SERVICES: Banking and financial software products and related consultancy and development services

EMPLOYEES: 1,590 BRANCH OFFICES: 6 ADDRESS: Unit 10/11, SDF1,

SEEPZ, Andheri East, Mumbai 400096

TEL: 8291020 FAX: 8292767 WEBSITE: www.iflexsolutions.com
 
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