The Hindu Business Line : i-flex lines up Rs 120-cr expansion plan

INCREASED momentum in the Latam (Latin America) and European markets has prompted banking solutions provider i-flex Solutions to earmark Rs 120 crore towards infrastructure expansion.

The company plans to set up a facility at Goregaon that would seat 3,000 people, according to Mr Deepak Ghaisas, CEO-India Operations and CFO, i-flex Solutions Ltd. Currently, the company has 11 development centres across India, Singapore, and the US with over 3,000 employees.

Having shifted focus from the tier III to tier II banks in the US and Latam (Latin America) market, i-flex expects to bag long-term client deals in the $5-million range, Mr Ghaisas said. The strategy would also help i-flex to grow its non-Citibank customer base.

"While we are doing well on the services side here (US), we need to work on selling products. We are looking at the community banking sector in the US, where the ASP model offered by i-flex seems to be paying off" Mr Ghaisas told Business Line. The `replacement market' in the US wherein community banks plan to implement packaged solutions replacing homegrown systems offers a big opportunity for i-flex, he said.

On the product side, i-flex is plans to integrate the Daybreak product suite with Flexcube, its flagship banking solution. "In the US, Daybreak is already being deployed in non-banking financial corporations (NBFCs) and we see that there is a potential for deploying the product in non-US NBFCs," he said.

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