Oracle Financial Services Software Limited is a subsidiary of Oracle Corporation. It is an IT solution provider to the banking industry. It claims to have more than 900 customers in over 145 countries. Oracle Financial Services Software Limited is ranked No. 9 in IT companies of India and overall ranked No. 253 in Fortune India 500 list in 2011.
History
Part of Citicorporation (I-Flex Solutions)
There was a company of CITIBANK in 1990 named as CitiCorp Oversea Software Ltd.,. Over a period of time, another company was merged into it and new company was started named as Citicorp Information Technologies Industries Ltd was formed. out of COSL and named Rajesh Hukku to head CITIL. While COSL's mandate was to serve Citicorp's internal needs globally and be a cost center, CITIL's mandate was to be profitable by serving not only Citicorp but the whole global financial software market. Largely known as i-flex and then eventually renamed to Oracle Financial Services Software
Early history
CITIL was started with universal banking product named as MicroBanker and the retail banking product Finware. In the mid-90s, the firm developed Flexcube at its Bangalore Centre. After the launch of Flexcube, all of CITIL's transnational banking products were brought under a common brand umbrella. Subsequently, company's name was changed to i-flex Solutions India Ltd.,
Oracle Corporation
Oracle purchased Citigroup's 41% stake in i-flex solutions for US$593 million in August 2005, a further 7.52% in March and April 2006, and 3.2 per cent in an open-market purchase in mid-April 2006. On 14 August 2006, oracle financial services announced it would acquire Mantas, a US-based anti-money laundering and compliance software company for US$122.6 million. The company part-funded the transaction through a preferential share allotment to majority shareholder Oracle Corporation. On 12 January 2007, after an open offer price to minority shareholders, Oracle increased its stake in i-flex to around 83%. On 4 April 2008, Oracle changed the name of the company to Oracle Financial Services Limited. On 24 October 2010, Oracle announced the appointment of Chaitanya M Kamat as Managing Director and CEO of Oracle Financial Services Software Limited. . The outgoing CEO and MD, N.R.K.Raman retired from these posts after 25 years of service. Now Oracle Financial Services Software Limited is a major part of Oracle Financial Services Global Business Unit under Harinderjit Singh who is the Vice President & Group Head of Oracle FSGBU World Wide.
Products and services
Oracle Financial Services Software Limited has two main streams of business. The products division and PrimeSourcing. The company's offerings cover retail, corporate and investment banking, funds, cash management, trade, treasury, payments, lending, private wealth management, asset management and business analytics. The company undertook a rebranding exercise in the latter half of 2008. As part of this, the corporate website was integrated with Oracle's website and various divisions, services and products renamed to reflect the new identity post alignment with Oracle. Recently, Oracle Financial Services launched products for Internal Capital Adequacy Assessment Process, exposure management, enterprise performance management and energy and commodity trading compliance. The company promotes its BPO business process outsourcing business via its subsidiary Equinox Corporation which is based in Irvine, California.
