The boardrooms at i-flex were abuzz with activity throughout the year as an acquisition frenzy swept the company-to strategically explore new niches and complement the existing offerings. Equinox brought in mortgage platform expertise, Login SA of France offered treasury management front-end, while Belgium-based Capco's ORTOS acquisition provided foothold in the space of operational risk management. And as these deals were being inked, i-flex was still absorbing and integrating the acquisition of SuperSolutions made the previous year; in fact, the addition of consumer-lending product DayBreak from SuperSolutions with its 20 US clients was largely responsible for the US revenue share going up to 49% from 42% a year earlier.

HIGHLIGHTS A host of accolades were heaped on company and products Several new acquisitions and partnerships announced Other than developed markets, strong in the growing Third world markets Showing great flexibility, Linux and Islamic Banking versions launched Low focus on the growing domestic banking sector Growing revenues from services could eventually impact operating margins in the future l Start-up Year: 1989 l Products & Services: BFS products and related consultancy/development services l Address: i-flex Center, 399 Subhash Road, Vile Parle (E), Mumbai l Tel: 28235190 l Fax: 28292767 l Website: www.iflexsolutions.com

However, the core banking solution Flexcube still remained the real meat for the company; the Reveleus risk management product and all the rest brought through acquisitions merely provided the necessary garnishing so that i-flex could deliver a wholesome dish to the global banking fraternity. Flexcube managed to reach every nook and corner of the globe: South Africa, Thailand, UK, Chile, France, the Carribean, Russia, Spain, Munich, Bahrain, the list goes on. Reveleus found favor with CitiMortgage and CitiFinancial Mortgage Lending and the BMO Financial Group in the US, while DayBreak tasted its first non-US success under the i-flex banner with AFAB in Netherlands.

The services arms, PrimeSourcing and i-flex Consulting, recorded whopping growth-at Rs 529 crore, services accounted for 46% of i-flex revenues. While this could be interpreted as an expansion of the company's bouquet of offerings, the rider was the billing pressure it brought along. Global expansion was the order of the day and new offices came up in Russia and China. ComputerLand SA was made partner for Poland and Central & Eastern Europe and Immaculate Solutions in Pakistan.

While there were little doubts over its globalized approach, the domestic market focus seemed to be on the wane. Its domestic revenues of Rs 23 crore stood in stark contrast to Infy's Rs 128 crore derived from Finacle sales in India; no names of note from the domestic market were added this year.