Oracle Financial Services Software

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Oracle Financial Services Software Limited (OFSS) is an Indian subsidiary of Oracle Corporation which is involved in financial and insurance technology. Established in 1990, the company was known as i-flex Solutions a core banking platform, prior to its acquisition by Oracle. It is headquartered in Mumbai. In 1992, the non-Citi operation’s software business was spun off into a separate company, Citicorp Information Technology Industries Ltd. (Citil), subsequently called i-flex Solutions. The venture, headed by Rajesh Hukku, received seed funding of $400,000 from Citicorp. Citil inherited the legacy software Microbanker from Citi Overseas Software. With the revenue from selling Microbanker to customers in mostly Africa and later to other markets, Citil invested in developing Flexcube, a core banking platform. Flexcube was very successful and claimed the top spot in the annual sales ranking by International Banking Systems, a U.K.-based industry publication, in 2002. 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% in an open-market purchase in mid-April 2006. In August 2006, i-flex Solutions acquired Mantas, a US-based anti-money laundering and compliance software company for US$122.6 million.