Citil to change its name to i-flex Solutions

BANGALORE: Citicorp Information Technology Industries Limited (Citil) has

announced that it proposes to change its name to ‘i-flex Solutions Ltd.’

Citil chief executive officer R Ravisankar, said at a press meet. He also added

that shareholders’ approval for the name change will be sought at the

company’s EGM to be held on March 6, in Mumbai.

Announcing the company's repositioning with a new corporate and branding

strategy, Mr Ravishankar, said that the new business strategy would enhance the

company's position in existing market spaces and also spearhead its entry into

new markets and business.

The name change is not an indication of any change in the ownership pattern

and Citicorp Venture Capital will continue to hold 49.5 per cent of Citil’s

equity, he said. The new name reflects the company’s strength in financial

services. While ‘i’ refers to Citil's commitment to enabling its customers

for the

e-businesses, its resourceful and competitive Indian base and international

presence across 68 countries, ‘flex’ captures the strength of ‘Flexcube’

Citil’s flaghsip product – an universal banking solution, said Mr

Ravisankar.

Citil also announced a new business strategy under which it will enter into

joint venture relationship and seek partnership with leading solution providers

to enhance its position in the financial service space and pave way for its

entry into new markets and businesses. As a part of the strategy it announced a

joint venture with ATOS- ODS of Spain to create a company in Latin America which

will sell Flexcube to banks in the region and also offer services to them. Also

announced was a MoU with the California-based Viador Inc, under which a

financial portal is being created with Flexcube Information Centre and Viador's

e-portal which will address the business intelligence needs of financial

institutions.

Citil is also planning to get into the application service provider (ASP)

business in financial services with key partners late this year. This will

enable the company to provide Flexcube as a web solution to various markets.

"As the financial sector is slowly moving away from the traditional

licensing model of buying software, getting into the ASP business is

important," he said. The company’s consulting and IT solutions division

will concentrate on Internet enabling the business processes and also offer

multiple delivery channels to reach the end customer. i- flex will also

penetrate new markets like Europe, Japan and West Asia. Although acquisition is

in its radar, it is not likely to happen soon, he said. Mr Rajesh Hukku the

founder CEO who joined the Citil board as a director has been appointed as the

chairman of the company.

The company is targeting a five-fold increase in turnover from $50 million to

$250 million by 2003, Mr Ravishankar said. The company is also planning to spend

$5 million for brand promotion and expanding international presence, he added.