The boardrooms at i-flex were abuzz with activity throughout the year as an
acquisition frenzy swept the company-to strategically explore new niches and
complement the existing offerings. Equinox brought in mortgage platform
expertise, Login SA of France offered treasury management front-end, while
Belgium-based Capco’s ORTOS acquisition provided foothold in the space of
operational risk management. And as these deals were being inked, i-flex was
still absorbing and integrating the acquisition of SuperSolutions made the
previous year; in fact, the addition of consumer-lending product DayBreak from
SuperSolutions with its 20 US clients was largely responsible for the US revenue
share going up to 49% from 42% a year earlier.
However, the core banking solution Flexcube still remained the real meat for
the company; the Reveleus risk management product and all the rest brought
through acquisitions merely provided the necessary garnishing so that i-flex
could deliver a wholesome dish to the global banking fraternity. Flexcube
managed to reach every nook and corner of the globe: South Africa, Thailand, UK,
Chile, France, the Carribean, Russia, Spain, Munich, Bahrain, the list goes on.
Reveleus found favor with CitiMortgage and CitiFinancial Mortgage Lending and
the BMO Financial Group in the US, while DayBreak tasted its first non-US
success under the i-flex banner with AFAB in Netherlands.
The services arms, PrimeSourcing and i-flex Consulting, recorded whopping
growth-at Rs 529 crore, services accounted for 46% of i-flex revenues. While
this could be interpreted as an expansion of the company’s bouquet of offerings,
the rider was the billing pressure it brought along. Global expansion was the
order of the day and new offices came up in Russia and China. ComputerLand SA
was made partner for Poland and Central & Eastern Europe and Immaculate
Solutions in Pakistan.
While there were little doubts over its globalized approach, the domestic
market focus seemed to be on the wane. Its domestic revenues of Rs 23 crore
stood in stark contrast to Infy’s Rs 128 crore derived from Finacle sales in
India; no names of note from the domestic market were added this year.