Indian core banking systems vendor i-flex is reporting a 57% year-on-year increase in revenues for the third quarter ended December 2005, boosted by a record $25 million in license fee signings.
The former Citigroup subsidiary says the quarter generated 22 new customers, and four major relationships for other lines of business through cross sell. Net income was up to $12.24 million on revenues of $88 million for the quarter.
The flagship core banking product Flexcube led the way with 14 customer wins - the most recent being Allied Irish Bank in Ireland - while five existing customers signed up for license expansion deals. The Reveleus Basel II offering also snared three Tier 1 banking customers in the quarter, including Citigroup and another unidentified North American institution, and Lloyds TSB in the UK.
Service income at the group also grew 27% year-on-year for the quarter and 39%on a nine month basis, with operating margins showing a two per cent improvement.
Oracle completed the acquisition of Citi's 43% stake in i-flex as the quarter was drawing to a close and the vendor is clearly expecting to see a continued uplift in sales moving ahead.
Rajesh Hukku, i-flex chairman and managing director comments: "The product license fees signings have been the highest ever in any quarter, and have increased 57% on a nine-month basis. The strategic partnership with Oracle and the close synergies of our sales, marketing and development engines position us strongly to gain market leadership."