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i-flex plans new financial software unit in Pune

i-flex solutions said on Friday it planned to set up a financial software unit in Pune, which would employ 300 professionals by the end of this year.

The software centre plans to double the workforce later, the Bangalore-based company said in a statement.

"In addition to products and projects in e-commerce on state-of-the-art technologies, the company plans to build centres of excellence for credit cards and payment systems, and for Internet/e-commerce security at the Pune facility," the statement said.

The privately-held company, which is likely to go public later this year, said the centre, with an investment of around Rs 150 million, would aim to contribute anywhere between 20 and 23 per cent of i-flex's annual revenues when it is fully operational.

i-flex was earlier known as Citicorp Information Technology Industries Ltd. Citicorp Venture Capital, a unit of Citigroup, holds 49.5 per cent in the company.

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