I-flex to change its name Oracle Financial Services

i-flex Solutions Ltd has announced that the Board of Directors of the Company at its meeting held on April 04, 2008 has approved a proposal to change the name of i-flex solutions Ltd to Oracle Financial Services Ltd, subject to regulatory and shareholder approvals.

The proposed new name reflects the Company's close strategic and operational alignment with its parent, Oracle Corporation, which owns 81 percent of the Company. Oracle is the #1 enterprise software provider and counts 10 of the top 10 banks, insurance Companies and securities firms among its more than 8,500 financial services customers across 145 countries.

The new "Oracle Financial Services" brand represents:

• The industry's most comprehensive range of packaged software and services solutions for financial services across banking, capital markets, and insurance-all from Oracle.

• Deep domain expertise in the financial services industry coupled with world-class software development and support experience

• A unique combination of integrated and best-of-breed business solutions for the industry

• A business process-oriented approach that aligns IT initiatives with business requirements and enables an evolutionary transformation of IT infrastructure

• A strong commitment to open systems and industry standards, helping to ensure interoperability

• A partner-oriented approach that enables partners to deliver increased value around the solutions offered by Oracle Financial Services

The new branding strategy demonstrates the synergies of scale, resources, expertise and efficiency across the two organizations. The current management team under N.R.K. Raman, CEO and Managing Director, will continue to run the operations of the Company.

"The new branding reflects the importance that Oracle attaches to the financial services sector," said Charles Phillips, Oracle President and Director of i-flex solutions Ltd., "Oracle Financial Services Ltd will be a focal point for Oracle's investment in innovation and leadership in financial services, and we are delighted to put the power and credibility of the Oracle brand behind this strategic initiative."

"Our new corporate identity represents a unique combination of the industry-leading solutions portfolio and deep domain expertise of i-flex and the global capability, credibility, scale and technology leadership embodied by the Oracle brand, coming together to deliver comprehensive solutions to financial institutions around the world," said Rajesh Hukku, Chairman, i-flex solutions Ltd., and General Manager, Oracle Financial Services Global Business Unit.

N R K Raman, CEO & Managing Director, i-flex solutions Ltd., also commented, "The new identity will enable us to better leverage the global reach, infrastructure and brand visibility of Oracle to accelerate our growth. This is an important enabler of our mission to help financial institutions around the world excel through the effective use of information technology."

i-flex Solutions Q3FY08 results

i-flex Solutions Ltd has announced the following Audited results for the quarter ended December 31, 2007:

The Company has posted a net profit of Rs 1107.80 million for the quarter ended December 31, 2007 as compared to Rs 910.50 million for the quarter ended December 31, 2006. Total Revenue has increased from Rs 3955.60 million for the quarter ended December 31, 2006 to Rs 4567.40 million for the quarter ended December 31, 2007.

The following consolidated results as per GAAP:

Consolidated Results as per Indian GAAP:

The Group has posted a net income of Rs 1067.00 million for the quarter ended December 31, 2007 as compared to Rs 1112.00 million for the quarter ended December 31, 2006. Total Revenues has increased from Rs 5574.00 million for the quarter ended December 31, 2006 to Rs 6196.00 million for the quarter ended December 31, 2007.

i-Flex updates

i-flex Solutions Ltd on December 18, 2007, announced that the Credit Union Loan Source, LLC has selected Daybreak™ Lending Suite ("Daybreak") as their loan servicing and collections platform.

Daybreak is an end-to-end lending solution that supports a broad range of institutions and varied sizes, including the Credit Union industry. The servicing and collection modules of Daybreak will be deployed in an ASP environment and The Credit Union Loan Source will access this system from a single production office.

The focus of The Credit Union Loan Source's search for a new lending platform was driven by its requirements to streamline and automate business processes, reduce redundancy and enhance customer service. In addition, easy access to, and retrieval of, information as well as improved reporting were decisive attributes in The Credit Union Loan Source's selection of a new servicing solution.

George Thomas, CEO, SuperSolutions, an i-flex solutions company, said, "This is an important win for us. It reinforces our mission to enable the financial services industry to excel by leveraging information technology. Providing an end-to-end lending solution that improves efficiencies and allows organizations to be adept to ever changing market demands allows our customers to be very competitive and enables them to provide a high level of customer service. We welcome The Credit Union Loan Source to our growing family of honored clients."

Federal Home Loan Bank of New York Goes Live on FLEXCUBE

i-flex Solutions Ltd on December 04, 2007 announced that Federal Home Loan Bank of New York (FHLBNY) has implemented FLEXCUBE® for its Demand Deposit Account operations. The bank had chosen FLEXCUBE as its solution in March this year.

George Thomas, VP - Customer Fulfilment and Solution Architecture, of the Company said, "FLEXCUBE is synonymous with ease of deployment and smoothly integrates solutions in the most complex of customer settings. FHLBNY is another great proof-point of what a highly committed customer and technology partner can achieve together as a team."

Federal Home Loan Bank of New York is a congressionally chartered, wholesale bank managing assets in excess of $102.3 billion and services over 300 financial institutions in New Jersey, New York, Puerto Rico and the US Virgin Islands.

i-flex Solutions & IZB Informatik-Zentrum Partner to Deliver ASP Services for German Banks Using FLEXCUBE

i-flex Solutions Ltd has informed BSE that the Company and IZB Informatik-Zentrum, a Munich-based IT- and telecommunication service provider for the financial sector, on November 21, 2007 announced a strategic partnership to deliver a full range of banking application services to German banks. To this end, IZB Informatik-Zentrum will be using FLEXCUBE®, i-flex's flagship product, to deliver value-added application providing services (ASP) tailored to the specific needs of German banks.

IZB Informatik-Zentrum is a subsidiary of Sparkassen Informatik, Frankfurt, the leading IT service provider for savings banks in Germany and one of the largest IT service providers in Europe. Through the partnership, i-flex and IZB Informatik-Zentrum will deliver banking application services, including core banking, lending, risk and internet banking functions as well as the integration and allocation of specific German banking services according to German banking regulations, to private and public banks throughout Germany.

This announcement comes in the backdrop of banks and financial institutions in Germany looking to outsource their IT infrastructure and maintenance. By opting for banking services delivered on an ASP model, these institutions will be able to focus on their core business functions, thus servicing their end-customers more efficiently, while reducing their overall operational costs.

Oliver Trancart, CEO of i-flex solutions b.v., highlighted the importance of this partnership: "Partnering with IZB Informatik-Zentrum gives us access to a huge share of the German banking market, reinforcing our investment and commitment to the largest banking market in Europe. It offers banks the unique possibility to get a wide range of services, from solution outlining and implementation to application service and maintenance out from a single source using FLEXCUBE. It also considerably enriches our experience of the German market, helping augment our knowledge of highly specific regional requirements."

i-flex Solutions Re-affirms its Commitment to the Egyptian Financial Services Industry

i-flex Solutions Ltd has announced that the Company re-affirmed its commitment to the Egyptian financial services industry. As i-flex builds on its long, successful partnership with the Egyptian financial services industry-including Banque Misr, Banque Du Caire, Credit Agricole, Barclays Bank and Citibank - it looks to further strengthen and reiterate its commitment through providing world-class IT solutions that will empower the industry.

Announcing its success in Egypt, N R K Raman, Managing Director and Chief Executive Officer, i-flex solutions said, "Egypt is a strategic market for us and we are proud of our partnerships and the success we have achieved in the market. It is estimated that a substantial percentage of the total banking transactions in Egypt are handled by banks that use FLEXCUBE®, i-flex's core banking solution."

Re-affirming i-flex's commitment to the Egyptian market Raman said, "IT usage among Egyptian financial institutions are fast growing and maturing. To provide these institutions with enhanced support levels, i-flex plans to open a support center in Egypt by the first quarter of 2008. This center can not only support our customers in Egypt, but also can serve as the hub for the Middle East, Africa and Southern Europe. We are excited about the local talent available in Egypt."

i-flex offers end-to-end portfolio of solutions to the Egyptian financial services industry i-flex solutions offers the Egyptian financial services industry a range of solutions. Said Raman "The Egyptian financial services industry is at the threshold of significant growth and is looking at technology as a key growth enabler. With successful customer partnerships in the country, i-flex is in a strong position to provide world-class solutions, localized to address the unique requirements of the market. For example, FLEXCUBE supports multilingual Arabic screens for Egyptian customers. Our extensive experience in servicing financial institutions across the globe is an added advantage."

i-flex's portfolio of solution includes the FLEXCUBE suite of products -- a complete banking product suite across retail, consumer, corporate, investment banking, asset management, investor servicing, and payments, among others. i-flex also offers specific solutions for the lending, private and Islamic banking domains.

Through Reveleus™ and Mantas®, i-flex offers a single, unified platform for Governance, Risk and Compliance (GRC). i-flex's global IT services division, PrimeSourcing™, provides customized software solutions exclusively for the financial services industry. The i-flex Consulting™ division, provides an end-to-end consulting partnership for comprehensive business and technology solutions; and i-flex Processing Services (iPSL), provides asset management, financial modeling and valuation and Business Process Outsourcing (BPO) services.

i-flex Solutions Integrates Wolters Kluwer Financial Services Compliance Documets into FLEXCUBE Core Banking Platform

i-flex Solutions Ltd has informed that Wolters Kluwer Financial Services and the Company on November 15, 2007 announced that the Companies will integrate Wolters Kluwer Financial Services electronic lending, deposit and Individual Retirement Account (IRA) document compliance solutions into i-flex's FLEXCUBE® Core Banking solution.

Through the new relationship, i-flex customers deploying i-flex's market leading core banking platform FLEXCUBE, will now be able to fulfill compliance requirements tied to loan, deposit and IRA accounts via Wolters Kluwer Financial Services industry leading electronic documents, built upon the decades of experience and knowledge behind the Company's Bankers Systems product line.

"We have been relentlessly expanding our product's capability to match the unique needs of the financial institutions in the United States," said George Thomas, VP - Customer Fulfilment & Solution Architecture, of the Company. "Wolters Kluwer Financial Services expertise in helping financial institutions manage complex account compliance further augments our ability to help them solve their toughest business issues with FLEXCUBE."

Wolters Kluwer Financial Services compliance documents help financial institutions comply with regulatory requirements in all 51 U.S. jurisdictions and can be customized as needed according to an institution's specific business practices and policies.

i-Flex FLEXCUBE in 67 countries of Citigroup banking

i-flex Solutions Ltd on November 14, 2007, announced that it has completed the rollout of FLEXCUBE®, its flagship banking product, in 67 countries within Citi's markets and banking division.

This ambitious implementation is the culmination of seven years of work. With the completion of the rollout, FLEXCUBE now supports Citi Markets & Banking's extensive, complex operations in the U.S., Europe, Africa, Asia-Pacific and Latin America. With offices in countries including the UK, Germany, Italy, Japan, Australia, Singapore and Hong Kong, FLEXCUBE technology will help the firm manage ODA, Loans, Treasury, Cash and Liquidity management products.

Launched in 1997, FLEXCUBE is a multi-currency system capable of being deployed across multiple geographies while centralizing data processing at single or multiple hubs. FLEXCUBE also has the ability to "talk" to other applications designed for niche banking operations. These capabilities in particular address the needs of large, tier-one banks, such as Citi, with operations in several countries, each of which often have a host of in - house systems built for specific requirements.

After careful evaluation of the market, Citi selected FLEXCUBE in 2000 to replace its older legacy banking system. The Company commenced the FLEXCUBE implementation in 2000, with Finland being the first country to go live that year. During the next several years, Citi transformed its core banking platform for its markets and banking unit with Company's modern, flexible, scalable and future-proof platform. In choosing FLEXCUBE, Citi has been able to preserve its investment in several hundred highly specific point solutions.

This technology replacement was part of a world-wide initiative of Citi which embarked on a program to modernize its entire technology and infrastructure by standardizing on a common platform. According to Celent, a leading industry analyst firm, "We believe Citibank will, ultimately, be able to save close to 110 Million USD annually through reduced maintenance costs as well as more rapid development times." (*Celent — Core System Replacement — July 2002)

N R K Raman, CEO and Managing Director, of the Company said: "The scale of the FLEXCUBE rollout at Citi has never been attempted nor achieved. As partner in the transformation program at Citi we have together demonstrated the enormity of benefits that a Bank can reap by standardization of the processing platform and leapfrog to a new level of operational excellence and cost management. We look forward to greater success as Citi continues to move forward on this ambitious program."

This landmark implementation was the first ever endeavour of such large scale and size. Overall, there are more than 2,500 products serviced and FLEXCUBE processes more than 7 million transactions per day. The Company had built a record number of more than 1,500 product interfaces that are geared to interact with hundreds of Citi systems deployed in 67 countries. FLEXCUBE has truly transformed the business and operating environment, offering standard set of products and processes in all countries, processing power to handle both organic and inorganic growth in volume and ensuring compliance across all countries.

i-flex chose by Islamic Bank of Asia

i-flex Solutions Ltd on November 02, 2007 announced that The Islamic Bank of Asia (IB Asia) will be implementing i-flex's FLEXCUBE® Islamic Banking Suite as the Core Banking Solution for its operations.

DBS Bank and leading investors from the Gulf Co-operation Council launched IB Asia, Singapore's first Islamic Bank, in May 2007. IB Asia focuses on commercial banking, corporate finance, capital markets and private banking services. FLEXCUBE Islamic Banking Suite will provide the bank a Shariah Compliant, New Generation Core Banking Solution, which will automate the transaction processing function of the bank.

FLEXCUBE will provide IB Asia the advantage of a highly customer-centric solution, with sophisticated functionality, enabling faster response to customer needs and a single view of the customer across businesses.

Expressing his delight at the win, Kishore Kapoor, CEO, i-flex solutions pte ltd says, "We are proud to be the platform of choice for an institution like IB Asia with its powerful lineage of investors. Being a conventional banking platform leader, i-flex saw the Islamic wave early on and made a strategic investment in developing a truly global Islamic Banking Solution, which has the required depth in Islamic Banking functionality, the breadth of expertise gained from implementing core banking solutions across 120+ countries, plus the technology capability to serve Islamic banks in the future."

FLEXCUBE Islamic Banking Suite counts some of the leading Islamic Banks among its customers such as Shamil Bank, Dubai Islamic Bank, Sakana Housing Finance in Middle East and Asian Finance Bank Berhad in Malaysia.

I-flex Q2 Results

i-flex Solutions Ltd has announced the following Audited results for the quarter ended September 30, 2007:

The Company has posted a net profit of Rs 765.80 million for the quarter ended September 30, 2007 as compared to Rs 1009.40 million for the quarter ended September 30, 2006. Revenue has increased from Rs 3968.00 million for the quarter ended September 30, 2006 to Rs 4351.70 million for the quarter ended September 30, 2007.

The following consolidated results as per GAAP:

Consolidated Results as per Indian GAAP:

The Group has posted a net income of Rs 874 million for the quarter ended September 30, 2007 as compared to Rs 935 million for the quarter ended September 30, 2006. Revenue has increased from Rs 4992 million for the quarter ended September 30, 2006 to Rs 5758 million for the quarter ended September 30, 2007.

Consolidated Results as per US GAAP:

The Group has posted a net income of Rs 640 million for the quarter ended September 30, 2007 as compared to Rs 804 million for the quarter ended September 30, 2006. Revenue has increased from Rs 5009 million for the quarter ended September 30, 2006 to Rs 5840 million for the quarter ended September 30, 2007.

i-flex Solutions

i-flex Solutions Ltd on October 05, 2007 has announced that it has acquired a 100% stake in Castek Software Inc. i-flex board has approved the acquisition today and the transaction is expected to close by March 2008.

Headquartered in Toronto, Canada, Castek is a provider of core insurance-business processing systems for large- and mid-sized Property and Casualty (P&C) insurers.

In August 2005, i-flex had entered into an equity financing arrangement with Castek, that allowed i-flex to become its largest shareholder. Since then, i-flex held 59.9% of Castek's shares on a fully diluted basis. On completion of the latest transaction, i-flex will own all the outstanding shares of Castek and it will become a wholly-owned subsidiary of i-flex.

"Castek's product is proven and is being used by two large North American customers. With i-flex's wide market reach, the potential to expand is now great. Ever since we forayed into insurance a couple of years ago, we can offer insurance Companies a scalable model of onsite, near shore and offshore services. Our full service dedicated units focus on both technology and business solutions, i-flex also has a dedicated Competency Center around the Insure3 platform", says N R K Raman, Managing Director and CEO, of the Company.

Castek's flagship product — Insure3 [pronounced Insure Cube] - is a SOA based Full Policy Lifecycle administration software which is delivered through a platform of best-of-breed, pre-integrated software components.

Celent, a Boston based research firm, forecasts that globally P&C insurance carriers will spend more than US$39 billion on software and services in 2008.

Castek's growing client list includes some of the biggest names in the US insurance market, and the flexibility of this suite makes it adaptable for implementation in countries across Asia, Europe, Africa, and the Middle East. Since the commencement of its relationship with i-flex, Castek has acquired TMM (Tokio Marine Management) and GAIC (Great American Insurance Co.) as customers in the US.

i-flex Solutions

i-flex Solutions Ltd has informed that the Board of Directors of the Company at its meeting held on October 04, 2007, has taken the following decisions:

1. Approved an additional investment of upto Rs 10 crores in equity / preference share capital of, and / or a term loan to, i-flex Processing Services Ltd, India, a wholly owned subsidiary of the Company.

2. Approved an additional investment of upto US$ 12 Million in equity / preference share capital of i-flex America Inc., USA, a wholly owned subsidiary of the Company.

3. Allotted 6,300 ESOP equity shares of face value of Rs 5/- each to the applicant employees of the Company. The Company is taking steps to list these shares on the stock exchanges.

4. Approved acquisition of the balance equity share capital of Castek Inc., Canada, an existing subsidiary of the Company, by which Castek would become a wholly owned subsidiary of the Company. The transaction is expected to get closed by March 2008.

i-flex Solutions

i-flex Solutions Ltd announced the launch of FLEXCUBE® Universal Banking Solution (UBS) Release 10.0 at Sibos in Boston, MA, USA. Sibos is the world's premier financial services event attracting the industry's leading figures and firms.

The Company has invested over 50,000 person days of effort in developing new functionality for FLEXCUBE UBS Release 10.0.

The new release enables banks to standardize, transform and optimize their business processes. Banks can use FLEXCUBE to simplify and streamline processes, track and rapidly administer complex multi-step transactions, efficiently distribute workload by identifying bottlenecks and improve customer service by using pre-defined custom processes for different segments of customers.

FLEXCUBE release 10.0 has a new task-based User Interface on an agile J2EE based architecture. It uses BPEL (Business Process Execution Language), and Business Activity Monitoring (SAM) technologies, to provide powerful business process management capabilities to banks. The new release enables FLEXCUBE to participate in an SOA environment and contains a comprehensive and wide ranging set of Web Services to cover all transactional and business process orchestration requirements.

"Banks want to achieve competitive differentiation by developing innovative business offerings and to fine tune their processes based on insight and measurement. This release of FLEXCUBE enables banks to achieve this holistically," says Joseph John, Executive Vice President, Banking Products Division, of the Company. "i-flex has made a strategic choice of adopting Oracle Fusion Middleware, with complete SOA support that enables adoption of open standards. We are continuously adding new functionality to meet evolving business needs and are excited about the value we provide to our Customers."

A new task-based User Interface (UI) provides for high throughput, via easy access to task-lists, customer profiles and transaction context. This supports configuration of screens without any impact to the underlying business logic that is exposed as Web Services. Leveraging BAM technology, FLEXCUBE provides users with dashboards to measure process performance and identify bottlenecks for process improvement. The product serves Governance, Risk & Compliance frameworks thus allowing institutions to be compliant with changing regulations, monitor fraud and manage their risks effectively.

This release preserves the rich business functionality that FLEXCUBE offers Wholesale Banks for their Cash, Trade, Payments, Treasury and Lending and Retail Banks for their Savings, Deposits and Loans businesses. Other key features of this new release include SWIFT 2007 enhancements, SwiftNET connectivity and comprehensive support for SEPA Payment processing. FLEXCUBE, since the first release of the application in 1997, offers users the ability to configure new products without any software code change. It allows them to process these for multiple entities from a single-instance of the application installed in the Bank.

Earlier, the Company had announced, i-flex Process Framework for Banking, a repository of banking processes developed based on i-flex’s years of experience in working with over 765 financial institutions across over 130 countries. FLEXCUBE Universal Banking Solution implements these processes with executables built and executed with Oracle BPEL Process Manager.

i-flex Solutions

i-flex Solutions Ltd, on September 27, 2007 has announced that Old Mutual Finance (Pty) Ltd, a wholly owned subsidiary of Old Mutual Group has implemented its Daybreak Lending Suite.

Company was required to complete the implementation of Daybreak in a short period of three months because Old Mutual needed to be compliant with South Africa's National Credit Act (that came into force on June 01, 2007). The act seeks to improve transparency in financial transactions, requires lenders to disclose all conditions attached to credit transactions as well as sets caps on interest rates. Old Mutual satisfied itself that Daybreak would meet all the requirements of the Act, hence the decision to choose Daybreak.

Speaking on the implementation, Hennie Vermaas, Business Unit Manager for Old Mutual Finance (Pty) Ltd, South Africa said, "It was indeed a daybreak for Old Mutual Finance when we went live on schedule with the lending platform from i-flex that enabled us to comply to South Africa's National Credit Act of 2007. i-flex solutions' track record of rapid implementations in various parts of the world was an important factor in our decision to choose the product."

"We are happy that we could help Old Mutual Finance meet the tough deadline that they had before them. We are also delighted with the momentum that our lending solutions are gaining in the market place," said Joseph John, Executive Vice President, Banking Products, i-flex solutions.

i-flex Solutions

i-flex Solutions Ltd, on September 21, 2007 has announced that independent technology and research company, Forrester Research Inc., has recognized i-flex as a "Deal Leader" and an "undisputed heavyweight in the global banking platform arena" in the August 2007 report Global Banking Platform Deals 2006: Vendors.

The Company signed the highest number of banking platform deals (48 out of 242 surveyed in the report) among a select group of 14 vendors of globally deployed banking platforms that Forrester surveyed for the report. Forrester categorized survey participants into five distinct groups based on global sales success, global reach, and the homogeneity of their product portfolios. The groups in descending order are Deal leaders, Global challengers, Global pursuers, Rising players and Base players.

"This is a reflection of the value that our solutions portfolio provides our customers worldwide. We are acutely aware of the changing dynamics of the market place and the pressure that banks are under to increase customer intimacy and competitive differentiation, reduce costs and address the complexity of regulations. Our solutions are targeted towards helping banks address these challenges and mitigate risks," said N R K Raman, Managing Director and CEO of the Company.