Part of Citicorp

i-flex started as a division in CITICORP (now Citigroup), wholly owned subsidiary called Citicorp Overseas Software Ltd. (COSL) in 1991. Mr. Ravi Apte carved out a separate company Citicorp Information Technologies Industries Ltd. (CITIL) out of COSL and named Mr. Rajesh Hukku to head CITIL. While COSL's mandate was to serve Citicorp’s internal needs globally and be a cost center, CITIL's mandate was to be profitable by serving not only Citicorp but the whole global financial software market. COSL was the brain child of Mr. Ravi Apte, who convinced Citicorp, while working for Citibank, to start COSL as the offshore captive.

Many of the executive management of i-Flex, including Rajesh Hukku, R.Ravisankar and NRK Raman were at COSL and moved to CITIL when it was formed.

Coming of age for i-flex

CITIL started off with the universal banking product MicroBanker (which became hugely successful in Africa and other developing regions over the next 3-4 years)......

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Title: I-Flex History And Times
Approximate Word Count: 628
Approximate Pages: 3 (250 words per double-spaced page)

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