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Successful Citi tech spin-outs

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Elton Cane
Elton Cane
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This story got me thinking about how many businesses have been spun out of Citi's tech and business support subsidiaries over the years. Besides the sale of this unit, and the BPO unit that went to TCS last month, there were also I-Flex (now Oracle Financial Services Solutions, but first founded by Citi in the mid 80s to support the bank's Indian and Apac operations) and OrbiTech, the US tech subsidiary of Citi that merged with India's Polaris Software Labs in 2002.

Am I missing any others?

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Paul Penrose

Paul Penrose Head of Research at Finextra

You have to go back to 1994 when Reuters acquired market data outfit Quotron from Citi for $12.8 million. Mind you, Citi itself had paid $630 million for it eight years earlier. The bank also sold on its Merchant Services Unit to First Data in 2004, for an undisclosed sum.

Elton Cane
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