{{Short description|Subsidiary of Oracle Corporation}} {{Use Indian English|date=September 2016}} {{multiple issues| {{Advert|date=April 2015}} {{More citations needed|date=April 2015}} }} {{Use dmy dates|date=April 2021}} {{Infobox company | name = Oracle Financial Services Software Limited | logo = Oracle Logo.svg | former_name = i-flex Solutions | type = Public | industry = Enterprise software | traded_as = {{ubl|{{BSE|532466}}|{{NSE|OFSS}}}} | founded = {{Start date and age|1990}} | founders = {{ubl|Rajesh Hukku|Deepak Ghaisas|R. Ravisankar<ref>{{cite news |last1=Thimmaya |first1=PP |last2=Shivapriya |first2=N. |title=Rajesh Hukku to exit Oracle Fin Services |url=https://economictimes.indiatimes.com/rajesh-hukku-to-exit-oracle-fin-services/articleshow/4782382.cms |access-date=18 July 2024 |work=The Economic Times |date=16 July 2009}}</ref>}} | hq_location_city = Mumbai | hq_location_country = India | key_people = {{ubl|Sridhar Srinivasan (Chairperson)|Makarand Padalkar (CEO and MD)<ref>{{Cite web |title=Oracle Financial Services Software Limited (OFSS) Governance |url=https://www.oracle.com/industries/financial-services/ofss/governance/ |access-date=2024-05-24 |website=oracle.com}}</ref>}} | num_employees = 8,754 | num_employees_year = 2024 | revenue = {{INRconvert|6373|c}} | revenue_year = 2024 | operating_income = {{INRconvert|2680|c}} (2024) | net_income = {{INRconvert|2219|c}} | net_income_year = 2024 | parent = Oracle Corporation | website = {{URL|https://www.oracle.com/in/financial-services}} | footnotes = Financials {{as of|2024|03|31|lc=y|df=US}}.<ref name="fy24">{{cite web |title=Oracle Financial Services Software Limited - Annual Report 2023-24 |url=https://stockdiscovery.s3.amazonaws.com/insight/india/4447/Annual%20Report/AR-24.pdf |publisher=Oracle |access-date=18 July 2024}}</ref> }} '''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.
==History==
===Early history=== 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.<ref>{{Cite web |last=Karmali |first=Naazneen |title=Bankware |url=https://www.forbes.com/global/2005/1003/066A.html |date=2005-10-03 |access-date=2023-04-17 |website=Forbes |language=en}}</ref>
===Oracle Corporation=== [[File:Bagmane Tech Park, CV Raman Nagar, Bengaluru, India (2004) 1.jpg|thumb|200px|right|Oracle Financial Services Software – Bagmane Tech Park, Bangalore]] Oracle purchased Citigroup's 41% stake in i-flex Solutions for US$593 million in August 2005,<ref>{{cite news |title=Oracle buys Citi's stake in i-flex |url=https://timesofindia.indiatimes.com/business/india-business/oracle-buys-citis-stake-in-i-flex/articleshow/1189454.cms |access-date=2 November 2024 |work=The Times of India |date=3 August 2005}}</ref> a further 7.52% in March and April 2006, and 3.2% in an open-market purchase in mid-April 2006.<ref>{{cite news |title=Oracle raises stake in i-flex |url=https://www.rediff.com/money/2006/apr/17ora.htm |access-date=2 November 2024 |work=Rediff |date=17 April 2006 |language=en}}</ref>
In August 2006, i-flex Solutions acquired Mantas, a US-based anti-money laundering and compliance software company for US$122.6 million.<ref>{{cite news |title=i-flex completes acquisition of Mantas |url=https://economictimes.indiatimes.com/tech/software/i-flex-completes-acquisition-of-mantas/articleshow/2074230.cms?from=mdr |access-date=2 November 2024 |work=The Economic Times |date=3 October 2006}}</ref> The company part-funded the transaction through a preferential share allotment to the majority shareholder Oracle Corporation.<ref>{{cite news |last1=Agrawal |first1=Ravi Ananthanarayanan & Ashish |title=Mantas acquisition to add cross-selling bytes to i-flex |url=https://economictimes.indiatimes.com/tech/software/mantas-acquisition-to-add-cross-selling-bytes-to-i-flex/articleshow/1894072.cms |access-date=2 November 2024 |work=The Economic Times |date=15 August 2006}}</ref>
On 12 January 2007, after an open offer price to minority shareholders, Oracle increased its stake in i-flex Solutions to around 83%.<ref>[http://economictimes.indiatimes.com/Oracle_stake_in_i-flex_rises_to_83_after_revised_offer/articleshow/1144292.cms Oracle stake in i-flex rises to 53% after revised offer], The Economic Times (21 January 2007)</ref>
On 4 April 2008, Oracle changed the name of the company to Oracle Financial Services Limited.<ref>{{Cite web |url=http://www.oracle.com/corporate/press/2008_apr/ofs.html |title=I-flex solutions limited to change its name to Oracle Financial Services Limited |access-date=23 January 2011 |archive-url=https://web.archive.org/web/20080513202937/http://www.oracle.com/corporate/press/2008_apr/ofs.html |archive-date=13 May 2008 |url-status=dead }}</ref>
Now, Oracle Financial Services Software Limited is a major part of Oracle Financial Services Global Industry Unit (FSGIU).<ref>{{cite web | url=http://www.oracle.com/us/industries/financial-services/046156.html | title=Oracle Financial Services Board of Directors | access-date=1 April 2019 }}</ref>
==Products and services== Oracle Financial Services Software Limited has two main streams of business. The products division (formerly called BPD – Banking Products Division) and PrimeSourcing.<ref>{{Cite news |last=Shivapriya |first=Vinu Lal & N. |date=2011-05-10 |title=Oracle may exit software services business as part of plans to divest non-core assets |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/software/oracle-may-exit-software-services-business-as-part-of-plans-to-divest-non-core-assets/articleshow/8211082.cms?from=mdr |access-date=2023-08-06 |issn=0013-0389}}</ref> 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 re-branding exercise in the latter half of 2008. As part of this, the corporate website was integrated with Oracle's website. Various divisions, services, and products were 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.{{When|date=May 2024|reason=Date required}}{{Source needed|date=May 2024}}
In 2002, DotEx International Joint Venture NSE.IT and i-flex Solutions Ltd signed a memorandum of understanding (MoU) with BgSE Financials Ltd to provide Internet trading services.
==See also== {{Portal|Companies}} *List of IT consulting firms *Fortune India 500 *List of companies of India *TCS BaNCS *Finacle
==References== {{reflist|colwidth=30em}}
{{Nifty 200 companies}}
Category:Banking software companies Category:Oracle acquisitions Category:Software companies based in Mumbai Category:Banks established in 1991 Category:Financial services companies established in 1991 Category:Indian companies established in 1991 Category:Software companies established in 1991 Category:1991 establishments in Maharashtra Category:Companies listed on the National Stock Exchange of India Category:Companies listed on the Bombay Stock Exchange Category:Indian subsidiaries of foreign companies