A division of Oracle Corporation, Oracle Financial Services Software Limited (OFSS) is a software company. It works in the fields of insurance and finance technologies.
According to the company, there are more than 900 consumers in 145 different countries. In 2011, Oracle Financial Services Software Limited was placed No. 9 among Indian IT firms and No. 253 overall on the Fortune India 500 list.
Part of Citi corporation (I-Flex Solutions)
In 1990, CITIBANK purchased iCorp Oversea Software Ltd. (“COSL”), which later became known as I-FLEX on the international market. After some time, it merged with another business, gave rise to Citicorp Information Technologies Industries Ltd. (often known as “CITIL”). CITIL’s director was chosen as Rajesh Hukku. While CITIL’s mission was to be profitable by servicing not only Citicorp but the entire worldwide financial software market, COSL’s mission was to service Citicorp’s internal needs globally and be a cost centre. It was once mainly known as I-FLEX but was later renamed Oracle Financial Services Software.
Early history
CITIL was founded with the retail banking product Finware and the universal banking product MicroBanker, which was successful in some English-speaking regions of Africa and other developing countries over the following three to four years. At its Bangalore Center, the company created Flexcube in the middle of the 1990s. All of CITIL’s international banking products became available under a single brand after the release of Flexcube. The business was then renamed I-FLEX Solutions India Ltd.
Oracle Financial Services Software
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Oracle Financial Services Software Limited
OracleLogo.png
Type Public
Traded as
BSE: 532466
NSE: OFSS
Industry IT services, IT consulting
Founded 1990; 33 years ago
Headquarters Mumbai, 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]
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.
The company claims to have more than 900 customers in over 145 countries.[4] Oracle Financial Services Software Limited is ranked[clarification needed] No. 9 in IT companies of India and overall ranked No. 253 in Fortune India 500 list in 2011.[5]
History
Part of Citi corporation (I-Flex Solutions)
iCorp Oversea Software Ltd. (“COSL”) was owned by CITIBANK in 1990 and later went on to be known as I-FLEX in the world market. After some time, it merged with another company, and a new company was formed, namely Citicorp Information Technologies Industries Ltd (“CITIL”). Rajesh Hukku was named to head CITIL[6][citation needed]. 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, it was eventually renamed as Oracle Financial Services Software.
Early history
CITIL was started with a universal banking product named called 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[citation needed]. In the mid-90s, the firm developed Flexcube (stylized FLEXCUBE) at its Bangalore Centre. After the launch of Flexcube, all of CITIL’s transnational banking products were brought under a common brand umbrella. Subsequently, the company’s name was changed to I-FLEX Solutions India Ltd.[7]
Oracle Corporation
Oracle Financial Services Software is located at Bangalore’s Bagmane Tech Park.
For US$593 million, Oracle bought Citigroup’s 41% share in I-FLEX solutions in August 2005. Subsequently, in March and April 2006, it acquired an additional 7.52%, and in mid-April 2006, it made an open-market purchase of 3.2%.
Oracle Financial Services stated on August 14, 2006, that it would pay $122.6 million for Mantas, a US-based anti-money laundering and compliance software company. A preferential share allocation to Oracle Corporation, the largest shareholder, allowed the business to help finance the deal.
Following an open offer price to minority shareholders, Oracle increased its ownership of I-FLEX to about 83% on January 12.
Oracle Financial Services Limited became the official name of the business on April 4, 2008, according to Oracle.
Chaitanya M. Kamat was appointed as managing director and CEO of Oracle Financial Services Software Limited on October 24, 2010, according to an announcement from Oracle. After 25 years of service, the departing CEO and MD, N.R.K. Raman, departed from these positions.
The Oracle Financial Services Global Business Unit (FSGBU) now includes Oracle Financial Services Software Limited as a significant component. Harinderjit (Sonny) Singh is the Vice President & Group Head of Oracle FSGBU Worldwide.
There are two primary business segments for Oracle Financial Services Software Limited. PrimeSourcing and the products division, formerly known as the Banking Products Division (BPD). Retail, corporate, and investment banking, funds management, trade, treasury, payments, lending, private wealth management, asset management, and business analytics are all services offered by the corporation. In the second half of 2008, the business undertook a rebranding initiative. The corporate website and Oracle’s website were merged as part of this. Following alignment with Oracle, a number of departments, services, and products were renamed to reflect the new brand.
The Internal Capital Adequacy Assessment Process, exposure management, enterprise performance management, energy, and commodities trading compliance products were recently introduced by Oracle Financial Services.
Through its subsidiary Equinox Corporation, which is in the business of providing business process outsourcing, the corporation advertises its
