Rank 30: i-Flex Solutions: Coming of Age

It’s a rarity in the business–a product company whose product
finally comes of age. Bombay-based i-Flex Solutions Ltd grew 35% in a tough year
to post revenues of Rs 411 crores, though net profits grew at a slower pace–up
15.2% to Rs 127 crore. Nearly 60% of this business came from packaged software (Flexcube,
Promotr and, to a diminishing extent, Microbanker), while the rest came from
services. But the i-Flex story last year was really about reach. 

Performance Highlights Opened subsidiaries in Amsterdam, Singapore and US l Worked the alliance strategy: Half of Flexcube customers now come from distributors and partners l Startup: 1989 l Products & services: banking and financial software products, and related consultancy and development services l Branches: 10 l Outlets: 33 l Address: Unit 10/11, SDF 1, SEEPZ, Andheri-East, Mumbai-400096 l Tel: 8291020 l Fax: 8292767 l Website: iflexsolutions.com

It opened three new marketing subsidiaries–Singapore, Amsterdam and the US–which
will eventually become local support hubs. Its customer profile increased from
little-known African banks to big wins in the US, Europe, and Singapore. A
change in the Class Legal Act allowed it access to the US market and last year,
parent company Citibank took 18 countries live on Flexcube. Locally, its
revenues from the domestic business increased to 5% of total (19 branches of
Syndicate bank went live last year).