Shopping mode

Calcutta, Jan. 3: i-flex solutions will acquire the Singapore consulting practice of Capco — The Capital Markets Company Pte Ltd — for an undisclosed amount, the company today informed the Bombay Stock Exchange.

The agreement with Capco was signed by i-flex solutions Pte Ltd which is the Singapore subsidiary of i-flex.

“It is in line with our strategic initiative to address business transformation requirements of top tier financial institutions,” i-flex consulting senior vice president Vijay Sharma said. i-flex consulting is the consulting arm of i-flex solutions.

The i-flex-Capco team would be capable of providing expertise to assist banks in business transformation, management of large technology implementations and addressing risk and compliance requirements, i-flex said.

i-flex is a subsidiary of Oracle and recently i-flex, Oracle and IBM have joined hands to combine the architectural expertise of IBM, core banking and risk solution capability of i-flex and banking and specific application solutions skills of Oracle. With banks in the Asia Pacific region, including Japan, transforming their operations by upgrading their technology platforms and adopting new core-processing platforms, there is a demand for i-flex products, Kishore Kapoor, CEO, i-flex solutions Singapore said.

The company’s retail banking solution, FLEXCUBE and its credit risk management and operational risk management solutions are in demand.

“We intend to have more local presence. Capco's Singapore division is specialised in financial services, especially in capital markets. It is a strategic acquisition that will help us enhance our capabilities,” he said.

Capco is the global provider of integrated transformation services and solutions for the financial services industry. The combined i-flex-Capco team will provide a compelling pool of expertise to assist banks in business transformation, management of large technology implementations and addressing risk and compliance requirements.

Capco employs 12 people at its Singapore subsidiary.

i-flex solutions is a leading provider of IT solutions to the financial services industry, with more than 680 customers in over 120 countries.

i-flex consulting enables financial services enterprises to improve process efficiency, meet risk and compliance requirements and define it architecture.