Financial Daily from THE HINDU group of publications
Thursday, Sep 19, 2002
New Products & Services
i-flex launches business intelligence division
MUMBAI, Sept. 18
I-FLEX Solutions Ltd today announced the launch of its business intelligence and analytics division - Reveleus - which will offer products and services aimed at the financial services industry.
"Business intelligence is an area which has grown even during the downturn and indications are that businesses will continue to spend on this area going forward. Hence, the creation of a separate division to address this growing market,'' said Mr Deepak Ghaisas, CFO and CEO India operations, i-flex Solutions Ltd, at a press conference.
"The rationale behind creating a separate brand for the business intelligence division is that we did not want to dilute the i-flex brand, which is strongly associated with the transaction process,'' said Mr S. Ramakrishnan, CEO, Reveleus.
Speaking about the drivers for the business intelligence and analytics market, he said: "There is continued pressure on financial companies to reduce costs and manage risk exposure as well as to improve the quality of information.''
"The business intelligence market is estimated to grow from $6 billion in 2001 to $15 billion in 2006. And, the analytics market is expected to go from $2.7 billion in 2001 to $5.1 billion in 2006. That is the size of the addressable market for Reveleus,'' Mr Ramakrishnan.
Reveleus will build on the Flexcube Information Centre analytics solution and enhance it further to address the growing market potential for business analytics, he added.
The division, which currently employs around 110 people, will leverage i-flex's sales network across the world in offering clients the Reveleus range of products and services.
The major product development will be done out of the Bangalore development centre.
Though the company did not give any projections for the divisions in terms of revenues, Mr Ghaisas said: "Last year, data warehousing and other analytical software contributed two per cent of the total revenues of the company i.e., $1.6 million. The whole idea behind giving this division a new identity and the brand is obviously to help better its growth prospects.''
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