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i-flex Solutions Ltd has informed BSE regarding a Press Release dated July 21, 2008 titled “DIB Implements Oracle’s FLEXCUBE”

Press Release:

“Dubai Islamic Bank (DIB) and i-flex solutions announced that it has adopted FLEXCUBE Islamic Banking across all its branches and Networks. Oracle’s FLEXCUBE, a revolutionary banking system, will provide more comprehensive solutions covering all areas of banking transactions. It will provide customers with greater flexibility, faster processing and a more personalised service.

As a result of the new system, bank customers can now perform a range of transactions from any of the bank branches irrespective of where their account is lodged. In addition, the bank will be able to provide more customised services, achieve a quicker and more cost-effective launch of future products and lower costs for future products.

“As the world’s first Islamic bank and a leader in the Islamic finance industry, we have strived to maintain our industry leadership through innovative and superior systems and offerings.” said Musabah Al Qaizi, Head of Electronic Banking Service Department. “Our new technical platform is in line with this commitment and will provide a much more personalised and versatile platform for our customers.”

Oracle’s FLEXCUBE is a complete banking product suite covering all areas of banking needs, including retail, corporate and investment banking, and is in line with internationally recognised standards.

Nadeem Bucheri, Head of Information Technology Department said, ‘We have been working on implementing FLEXCUBE for 20 months and we are now pleased to announce that this has been deployed across our entire network. This system empowers us with a comprehensive Islamic banking platform and enables us to offer leading edge Islamic products and services. In addition, it provides us with greater agility for future product development.”

S Sundarajan, Customer Fulfilment, Senior Vice-President, Banking Products, i-flex solutions said: “We are very happy that DIB has gone live on FLEXCUBE. Our association with DIB, one of the oldest and most respected Islamic banks, is an acknowledgement of FLEXCUBE’s ability to meet Sharia requirements. We are confident that this implementation will enable DIB to meet the expectations of its customers for Islamic banking products that compare in innovativeness and versatility with the best that conventional banking can offer.”

i-flex Solutions Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider the following:

1. To adopt audited un-consolidated Indian GAAP Accounts for the quarter ended June 30, 2008 (Q1).

2. To consider allotment of shares to the eligible employees / directors who have chosen to exercise their options under Employees Stock Option Scheme (ESOP), 2002 of the Company.

i-flex Solutions Ltd has informed BSE that the Board of Directors of the Company on July 15, 2008 has approved the change of name of the Company from ‘i-flex solutions Ltd‘ to ‘Oracle Financial Services Software Ltd’ subject to the approval of the members and other necessary approvals.

For this purpose, an Extra Ordinary General Meeting of the members of the Company is convened on August 11, 2008.

i-flex Solutions Ltd has informed BSE that at the meeting of the ESOP Allotment Committee held on May 28, 2008, the Committee has allotted 4,500 equity shares of face value of Rs 5/- each to the eligible Employees of the Company who exercised their options under Employees Stock Option Scheme (ESOP), 2002 of the Company.

With this allotment the paid up capital stands increased to Rs 418,759,705 divided into 83751941 equity shares of face value of Rs 5/- each.

i-flex Solutions Ltd has informed BSE regarding a Press Release dated May 15, 2008 titled “Kotak Mahindra Bank Selects “FLEXCUBE Private Banking”

Press Release:

“i-flex® solutions announced today that Kotak Mahindra Bank, a leader in the area of wealth management, has selected “FLEXCUBE Private Banking” - i-flex’s holistic wealth management solution. “FLEXCUBE Private Banking” will help Kotak Mahindra Bank, manage relationships with high net worth individuals comprehensively.

“FLEXCUBE Private Banking”, gives us the opportunity to address high net worth individuals comprehensively and provides us with a competitive edge. The implementation is in line with Kotak Mahindra Bank’s commitment to offer quality service to customer needs. With “FLEXCUBE Private Banking” we have added the capability to address and retain specific customer segments. The solution will support a complete range of investment products including mutual funds, insurance deposits etc.,” said Mr. K V S Manian, Group Head Retail Liabilities and Branch Banking, Kotak Mahindra Bank.

The Kotak Group has a net worth of over Rs 5,824 crores and services around 4.4 million customers. The Group has branches in major cities in India apart from offices in New York, London, Dubai, Mauritius and Singapore.

“We are delighted that Kotak Mahindra Bank has chosen “FLEXCUBE Private Banking”. It will enable the bank to extend its core banking solution seamlessly and increase customer loyalty and service levels. The solution empowers institutions to shift their approach from a ‘one size fits all’ to a personalized model,” says Mr.N R K Raman, Managing Director and CEO, i-flex solutions.

i-flex Solutions Ltd on April 21, 2008, has announced the availability of version 2.2 of FLEXCUBE Core Banking for IBM System z on zOS with IBM Web Sphere and IBM DB2 software stack.

? It combines the rich functionality of Oracle FLEXCUBE and the reliability and security of IBM System z to enable global financial institutions to respond swiftly to changing market dynamics. Banks can manage high transaction volumes and a large number of users while keeping response time consistent because the new version is highly scalable.

? Service Oriented Architecture (SOA) enabled Oracle’s FLEXCUBE fits seamlessly into IBM System z deployments using IBM software. FLEXCUBE?s use of WebSphere 6.1 and DB2 9 leverages IBM System z specialty engines (zIIPs and zAAPs) that help in reducing total cost of ownership (TCO).

? FLEXCUBE is designed to be the choice for banks migrating legacy core banking applications onto a contemporary platform.

Supporting Quotes

“Mergers and acquisitions, a competitive environment and ever changing regulatory requirements are some of the key challenges that shape today?s retail banking industry. To stay ahead in this competitive and regulated environment, financial institutions need to continually enhance, evolve and innovate in three critical areas - business, operations and technology. With FLEXCUBE Core Banking for IBM System z, we can assist financial institutions using IBM platforms cope with these challenges,? said Joseph John, Executive Vice-President, Banking Products Division, i-flex solutions.

Note

? FLEXCUBE Core Banking for IBM System z will be showcased at the “2008 Financial Services Solutions Symposium (FS3)” organized by the IBM Industry Models (IAA / FW) User Group in Boston between April 22nd and 24th. We will be in booth no. 15.

i-flex Solutions Ltd on April 09, 2008 has announced that Israel Discount Bank (IDB), one of Israel’s leading financial groups has chosen FLEXCUBE? as its core banking platform for its UK operations. The first FLEXCUBE deployment will be at IDB’s UK operations. IDB is considering progressively rolling out the solution internationally. The bank operates through a network of subsidiaries, branches and representative offices in 18 financial centers across the world, including USA, Europe and Latin America.

For the UK, IDB has selected FLEXCUBE Release 10.0, as well as Acumen, to deliver corporate, retail and private banking services from a single platform.

Olivier Trancart, CEO, i-flex solutions b.v., said: “The results of IDB’s evaluation are very rewarding indeed. We demonstrated the flexibility and coverage in FLEXCUBE required to service corporate, retail and private banking business units within the bank. In fact, we are addressing these business needs on a single platform. IDB has engaged us as a partner to implement the platform on our latest release, FLEXCUBE Release 10.0, including FLEXCUBE Private Banking Suite.” He added: “IDB is a prestigious win for us. Working with them further reinforces our investment and commitment to the larger UK international banking community looking at replacing their legacy systems.”

i-flex Solutions Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 04, 2008, inter alia, has approved the following:

1. A proposal to change the name of “i-flex Solutions Ltd” to “Oracle Financial Services Ltd” subject to regulatory and shareholders approval.

2. Acquisition of 31,02,000 equity shares of Rs 10/- each constituting the balance 60% stake in Flexcel International Pvt Ltd, thereby making it a wholly owned subsidiary of the Company.

i-flex Solutions Ltd has announced that the Board of Directors of the Company at its meeting held on April 04, 2008 has approved a proposal to change the name of i-flex solutions Ltd to Oracle Financial Services Ltd, subject to regulatory and shareholder approvals.

The proposed new name reflects the Company’s close strategic and operational alignment with its parent, Oracle Corporation, which owns 81 percent of the Company. Oracle is the #1 enterprise software provider and counts 10 of the top 10 banks, insurance Companies and securities firms among its more than 8,500 financial services customers across 145 countries.

The new “Oracle Financial Services” brand represents:

? The industry’s most comprehensive range of packaged software and services solutions for financial services across banking, capital markets, and insurance-all from Oracle.

? Deep domain expertise in the financial services industry coupled with world-class software development and support experience

? A unique combination of integrated and best-of-breed business solutions for the industry

? A business process-oriented approach that aligns IT initiatives with business requirements and enables an evolutionary transformation of IT infrastructure

? A strong commitment to open systems and industry standards, helping to ensure interoperability

? A partner-oriented approach that enables partners to deliver increased value around the solutions offered by Oracle Financial Services

The new branding strategy demonstrates the synergies of scale, resources, expertise and efficiency across the two organizations. The current management team under N.R.K. Raman, CEO and Managing Director, will continue to run the operations of the Company.

“The new branding reflects the importance that Oracle attaches to the financial services sector,” said Charles Phillips, Oracle President and Director of i-flex solutions Ltd., “Oracle Financial Services Ltd will be a focal point for Oracle’s investment in innovation and leadership in financial services, and we are delighted to put the power and credibility of the Oracle brand behind this strategic initiative.”

“Our new corporate identity represents a unique combination of the industry-leading solutions portfolio and deep domain expertise of i-flex and the global capability, credibility, scale and technology leadership embodied by the Oracle brand, coming together to deliver comprehensive solutions to financial institutions around the world,” said Rajesh Hukku, Chairman, i-flex solutions Ltd., and General Manager, Oracle Financial Services Global Business Unit.

N R K Raman, CEO & Managing Director, i-flex solutions Ltd., also commented, “The new identity will enable us to better leverage the global reach, infrastructure and brand visibility of Oracle to accelerate our growth. This is an important enabler of our mission to help financial institutions around the world excel through the effective use of information technology.”

i-flex Solutions Ltd has announced that the Company on April 03, 2008 signed an agreement with Wipro Ltd under which Wipro will market, implement and support i-flex’s products in the Middle East and Egypt. The products include FLEXCUBE??, i-flex solutions flag ship core banking product suite, and i-flex’s analytics offering, an integrated suite of award-winning solutions - Reveleus? and Mantas - that help financial institutions maximize profitability, minimize risks and deliver enterprise-wide compliance. Wipro Ltd is a global leader in providing technology, software and consulting services.

The software solutions market in the Middle East and North Africa (MENA) has grown significantly driven by demand from enterprises as well as governments. According to preliminary results from a recent study by IDC the market opportunity was pegged at USD 390 million in 2007 and is predicted to reach USD 500 million in 2008.

i-flex has an established presence in the Middle East and this partnership will enhance its strategy to penetrate the rapidly expanding market and provide end-to- end Systems Integration (SI) capability in collaboration with Wipro. i-flex also plans to leverage Wipro?s proposed global development center in Egypt to equip consultants in the region with the expertise to implement and support its products.

Elaborating on the partnership, Mustafa Moonim, Vice-President, Europe & Middle East Sales, i-flex solutions said, “This partnership will be a significant step towards the growth and development of our business in the Middle East. Combining i-flex Consulting’s deep domain expertise along with Wipro?s system integration capabilities we can deliver better results for our customers, faster and more efficiently.”

Rajat Mathur, Chief Executive of Business Solutions and Head of International Geographies, Wipro Infotech said, “This alliance will give us the opportunity to leverage i-flex?s experience of delivering value-based solutions to customers. i-flex?s in-depth expertise, capability in the financial services industry and footprint in the Middle East, will enable us to further deliver innovative solutions to our customers and prospects.”

Mr. Mathur further added, “The Middle East is a key region for us. We have a strong position in the banking sector, and with this alliance we will be able to add to our portfolio of IT services in the Middle East market.”