i-flex-Wipro JV for market in Middle East, Egypt

Mumbai, Apr 3: i-flex Solutions Ltd today signed an agreement with Wipro Ltd for marketing, implementation and support of i-flex's products in the Middle East and Egypt. Under the agreement, Wipro would market and support products including 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 maximise profitability, minimise risks and deliver enterprise-wide compliance.

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 was predicted to reach USD 500 million in 2008.

i-flex has an established presence in the Middle East and this partnership would 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, the company said in a release here.

Elaborating on the partnership, Vice-President, Europe and Middle East Sales, i-flex solutions Mustafa Moonim 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.''

UNI