Oracle Financial Services Software Limited
 |
|
| Public (: ; : OFSS) | |
| Industry | IT services, IT consulting |
| Founded | 1990 |
| Headquarters | Mumbai, India |
|
Key people
|
Derek Williams, Harinderjit Singh, Richard Jackson, Robert K. Weiler, Shankar Venkatachalam, Chet Kamat, Samantha Wellington William Corey West (Directors) |
| Services | IT, business consulting and outsourcing services |
| Revenue | ₹35.68 billion (US$530 million) (2012) |
|
Number of employees
|
8,818 (March 2017) |
| Parent | Oracle Corporation |
| Website | oracle.com |
Derek Williams, Harinderjit Singh, Richard Jackson, Robert K. Weiler, Shankar Venkatachalam, Chet Kamat, Samantha Wellington
Oracle Financial Services Software Limited(ofss) 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.
There was a company of CITIBANK in 1990 named as CitiCorp Oversea Software Ltd., (later known as i-flex in world market). 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. (CITIL) out of COSL and named Mr. 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
CITIL was started with universal banking product named as MicroBanker (which became successful in some English speaking parts of Africa and other developing regions over the next 3–4 years) and the retail banking product Finware. In the mid-90s, CITIL developed FLEXCUBE at its Bangalore GDC ( Global Development 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 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 told i-flex solutions to change the name of the company to Oracle Financial Services Limited, subject to regulatory and shareholder approvals. A press release issued by the company said that "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." It added that the current management team under N.R.K. Raman, CEO and Managing Director, will continue to run the operations of the company.
...
Wikipedia