Oracle Financial Services Software

Oracle Financial Services Software Limited (OFSS) is a subsidiary of Oracle Corporation. It is involved in financial and insurance technology.

Oracle Financial Services Software Limited
TypePublic
IndustryIT services, IT consulting
Founded1990 (1990)
HeadquartersMumbai, India
Key people
Harinderjit Singh, Richard Jackson, Shankar Venkatachalam, Chet Kamat, Jane Murphy, Makarand Padalkar, Kimberly Woolley, Sridhar Srinivasan, Vincent Secondo, Grelli, Yong Meng Kau(Board of Directors)[1]
ServicesIT, business consulting and outsourcing services
Revenue₹5,115 crore (US$640 million) (2021) [2]
Number of employees
8,818 (March 2017)[3]
ParentOracle Corporation
Websiteoracle.com

The company claims to have more than 900 customers in over 145 countries.[4] Oracle Financial Services Software Limited is ranked No. 12 in Top 20 IT companies in India by Rediff.com,[5] and overall ranked No. 253 in Fortune India 500 list in 2011.[6]

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 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 in 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.[7]

Oracle Corporation
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, a further 7.52% in March and April 2006, and 3.2% 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 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%.[8]

On 4 April 2008, Oracle changed the name of the company to Oracle Financial Services Limited.[9]

On 24 October 2010, Oracle announced the appointment of Chaitanya M Kamat as Managing Director and CEO of Oracle Financial Services Software Limited. The outgoing CEO and MD, N.R.K. Raman retired from these posts after 25 years of service.[10]

Now, Oracle Financial Services Software Limited is a major part of Oracle Financial Services Global Business Unit (FSGBU) under Harinderjit (Sonny) Singh who is the Vice President & Group Head of Oracle FSGBU World Wide.[11]

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.[12] 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.[13]

  • 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

References
  1. https://www.oracle.com/industries/financial-services/ofss/governance/
  2. "Money Control - Oracle Financial Services Software".
  3. "Archived copy" (PDF). Archived from the original (PDF) on 24 February 2018. Retrieved 28 May 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  4. "Oracle Financial Software Limited website".
  5. "Top 20 IT companies in India". Rediff. Retrieved 6 August 2023.
  6. "Fortune India 500 complete list" (PDF). Fortune Indis. Archived from the original (PDF) on 3 January 2012. Retrieved 18 December 2011.
  7. Karmali, Naazneen (3 October 2005). "Bankware". Forbes. Retrieved 17 April 2023.
  8. Oracle stake in i-flex rises to 53% after revised offer, The Economic Times (21 January 2007)
  9. "I-flex solutions limited to change its name to Oracle Financial Services Limited". Archived from the original on 13 May 2008. Retrieved 23 January 2011.
  10. "Oracle Names Chet Kamat Managing Director and CEO of Oracle Financial Services Software Limited as N.R.K. Raman Retires". bobsguide. 26 October 2010. Retrieved 24 September 2020.
  11. "Oracle Financial Services Board of Directors". Retrieved 1 April 2019.
  12. Shivapriya, Vinu Lal & N. (10 May 2011). "Oracle may exit software services business as part of plans to divest non-core assets". The Economic Times. ISSN 0013-0389. Retrieved 6 August 2023.
  13. "Oracle posts upbeat quarterly revenue on cloud demand, Cerner boost". Reuters. 12 December 2022. Retrieved 6 August 2023.
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