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i-flex wins $10 million Egypt orders

Indian financial software firm i-flex solutions ltd has won orders worth $8.0 to $10.0 million from two Egyptian banks, a company spokesman told Reuters on Saturday.

"Our foray into the Egyptian market has resulted in these orders and implementation will begin this month," he said.

i-flex, in which Citigroup is the largest shareholder with a stake of more than 40 per cent, said Egypt's state-owned banks Banque du Caire and Bank Misr would install i-flex's flagship banking product, FLEXCUBE, to run their core operations.

"We plan to put in 15 to 20 people to service both the banks," he said.

FLEXCUBE, which enables automation in banking and financial firms, is ranked among the world's largest selling products in its league. i-flex competes with Swiss software firm Temenos and others.

Shares of i-flex, which went public last June, closed 1.33 per cent higher at Rs 493.50 at the Bombay Stock Exchange on Friday.

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