Financial Daily from THE HINDU group of publications
Thursday, Dec 02, 2004
Financial Daily from THE HINDU group of publications Thursday, Dec 02, 2004 |
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Info-Tech
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Mergers & Acquisitions i-flex acquires SRA's workflow, document imaging products Raja Simhan T.E.
Chennai , Dec. 1 I-FLEX Solutions Ltd has acquired the workflow and document imaging products from SRA Systems, a Chennai-based software firm and a technology partner of i-flex. It is learnt that around 20 employees from SRA Systems have been transferred to i-flex. Mr S. Srinivasan, Chairman and Managing Director, SRA Systems, confirmed the transfer of the products and employees to Business Line. However, he declined to give the value of the transaction and the number of employees transferred to i-flex, a leading banking and financial products company. "We agreed to transfer the source code at a price and transfer the part of the team who were customising the frameworks for i-flex to facilitate this. I am constrained to give more details by a confidentiality agreement with i-flex," he said in an email response. SRA Systems currently has around 225 employees, he added. SRA Systems specialises in document management and workflow technologies with its own frameworks that could be customised for each solution. The company has been working with i-flex for a long time and customised its frameworks to work as front office solution to Flexcube (i-flex banking product). Customised version of the software includes a few features required by i-flex for its banking applications, a few software components that will be used as part of the framework and the entire UI (user interface) as specified by it, consisting of its logo, report formats and report styles, he said. As part of this transfer, SRA Systems will work closely with i-flex to offer solutions in banking, financial services and insurance in collaboration with i-flex and to other segments on its own, and also continue further development of the frameworks. "We will be closely working with them in many other business opportunities in addition," he said. To enrich the Flexcube suite of functionality and ease of use for its end users, i-flex allied with technology and global partners and acquired their respective solutions to complement its. One such partner was SRA, whose workflow and document imaging products i-flex acquired recently," information in i-flex Web site said. SRA and i-flex jointly performed successful implementations at various banks in the past, and some live sites are: IMF (US), ACC Bank (Ireland), UBS (Cayman Islands) and Hebros Bank (Bulgaria), the site said. SRA's workflow product is now integrated with the Flexcube Universal Banking Suite in processes such as loan application processing, credit appraisals/sanctions and transaction origination, the site said.
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