Global IT major Oracle plans to use its Indian acquisition i-Flex to acquire more customers in the banking sector. Their joint sales pitch has now fetched them their first client among US retail banks, and i-Flex is gearing up for more.
There are no plans to delist i-Flex following Oracle's open offer, which raised its stake in the Indian IT company to 83 per cent, says Rajesh Hukku, the New Jersey-based chairman and managing director of i-Flex.
"There is no intention currently of any delisting. And they very specifically said on the open offer, that for the next five years, they don't intend to do any delisting or any other offers. With the caveat of course, if suddenly, the stock prices in India go down very very sharply," Hukku said.
i-flex and Oracle won their first joint customer in January in the US retail banking sector. The Connecticut-based People's Bank, which has assets of $11 billion, chose Flexcube to replace its legacy technology. i-flex wants to gear up for the expected conversion wave in the US banking industry.
Hukku adds, "Our attempt is that before the big time conversions start happening, which most of the experts are saying that they should - that we have good enough reference sites in the United States, and make sure that Flexcube takes care of all the US regulations. So, from that point of view, we're really focused on continuing to get deals like People's Bank in the US."
i-flex says its next generation of banking products will work along with Oracle Fusion and it's working towards an integrated package with banking, CRM and ERP applications put together with Fusion.
With Oracle's support, i-Flex is betting that in the coming years, it can help American banks change the way they serve their retail customers.
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