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Company type | Public |
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Industry | IT services, IT consulting |
Founded | 1990 |
Headquarters | Mumbai, India |
Key people | Harinderjit Singh, Richard Jackson, Shankar Venkatachalam, Jane Murphy, Makarand Padalkar, Kimberly Woolley, Sridhar Srinivasan, Vincent Secondo, Grelli, Yong Meng Kau(Board of Directors) [1] |
Services | IT, business consulting and outsourcing services |
Revenue | ₹5,115 crore (US$640 million) (2021) [2] |
Number of employees | 8,818 (March 2017) [3] |
Parent | Oracle Corporation |
Website | oracle.com |
Oracle Financial Services Software Limited (OFSS) is a subsidiary of Oracle Corporation. It is involved in financial and insurance technology.
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 a seed funding of $400,000 from Citi corp. 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, their next software product. Flexcube was very successful and claimed the top spot in annual sales ranking by International Banking Systems, a U.K.-based industry publication in 2002. [4]
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.[ citation needed ]
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 the 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%. [5]
On 4 April 2008, Oracle changed the name of the company to Oracle Financial Services Limited. [6]
Now, Oracle Financial Services Software Limited is a major part of Oracle Financial Services Global Industry Unit (FSGIU) under Harinderjit (Sonny) Singh who is the Executive Vice President and General Manager of Oracle Financial Services globally. [7]
Oracle Financial Services Software Limited has two main streams of business. The products division (formerly called BPD – Banking Products Division) and PrimeSourcing. [8] 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.
The company promotes its BPO business process outsourcing business via its subsidiary Equinox Corporation which is based in Irvine, California. [9]
Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation incorporated in Delaware and headquartered in New York City. The company was formed by the merger of Citicorp, the bank holding company for Citibank, and Travelers in 1998; Travelers was spun off from the company in 2002.
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NIIT Limited (National Institute of Information Technology) is an Indian multinational skills and talent development corporation headquartered in Gurgaon, India. The company was set up in 1981 to help the nascent IT industry overcome its human resource challenges. NIIT offers training and development to individuals, enterprises and institutions.
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United Overseas Bank Limited, often known as UOB, is a Singaporean regional bank headquartered at Raffles Place, Singapore, with branches mostly found in Southeast Asia countries. It is one of the three "big local banks" in the country, the other two being DBS Bank and OCBC.
HDFC Life Insurance Company Limited is a long-term life insurance provider headquartered in Mumbai, offering individual and group insurance services and it was incorporated on 14 August 2000.
Hitachi eBworx Sdn Bhd is a consulting and technology solutions firm headquartered in Petaling Jaya, Malaysia. The firm provides credit management, touchpoint, and trade finance banking products and applications to the financial services sector.
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