• New license fee signings of US$ 22 million during the quarter; Tank size at the end of the quarter grows to US $ 80 Million.
• Added 13 new customers across products and services in the quarter.
• Staff strength at the end of September 2007 was 10,778 with a net addition of 1,245 people during the quarter.
• FLEXCUBE completes 10 years of market leadership. A significant milestone, highlighted by a No. 1 ranking in the International Banking System [IBS] sales league tables for the past five years. Launched in 1997, FLEXCUBE's customer presence extends to 325 customers in 115 countries.
• FLEXCUBE wins several strategic deals in ASPAC and Europe.
• i-flex Recognized as a "Deal Leader" in Global Banking Platforms by Independent Research Firm Forrester Research Inc.
• i-flex solutions s.a., headquartered in Athens, now fully operational and actively pursuing opportunities in the Balkans region.

Solutions Portfolio

Products Business

• Registered several strategic wins for the product business; added 8 new product Customers and signed 11 product license contracts in the quarter.
• Launch of FLEXCUBE Universal Banking Solution (UBS) Release 10.0 at leading financial services industry event SIBOS in Boston, MA, USA. This new release allows Banks to use FLEXCUBE to simplify and streamline processes, track and rapidly administer complex multi-step transactions, efficiently distribute workload by identifying bottlenecks and improve customer service. Based on an agile J2EE based architecture, it uses BPEL (Business Process Execution Language), and Business Activity Monitoring (BAM) technologies, to provide powerful business process management capabilities to banks.
• FLEXCUBE Lending Suite launched. The product is specifically designed to address the lending requirements of financial institutions and consumer credit organizations. Old Mutual Finance implements Daybreak Lending Suite successfully.
• Continued success of FLEXCUBE in multi-countryy deployment and Banking transformation initiatives: DnB NORD selects FLEXCUBE for European deployment across six countries.
• Several key customers went live on FLEXCUBE
• FLEXCUBE Investor Services launched, based on a J2EE platform and an enhanced user interface (UI). FLEXCUBE Investor Services enjoys the confidence of customers in 24 countries including large institutions like HSBC. Two strategic deals for this product signed in this quarter.

Services Business

• i-flex Strengthens Insurance line of business by augmenting stake in Castek.
• Adds 5 new customers during the quarter.
• Signs multi-year services contract with an existing customer, a top tier US financial institution.
• Successful go-live of i-flex Remote Infrastructure Management Services [iRIMS] customers in Europe creating the solid foundation for future growth.
• Equinox Announces the Launch of iGPM - a Paperless Global Processing Model for Mortgage Bankers.
• Active repositioning of KPO services into collection and default management helps continued momentum in the business.

The Board of Directors of i-flex solutions limited, a leading provider of IT solutions to the global financial services industry, has approved the results for the quarter ended September 30, 2007.

Speaking on the occasion, N.R.K. Raman, Managing Director and CEO, i-flex solutions said, "We have booked strong license revenues this quarter on execution of several successful large deployment projects and this is reflected in our quarterly numbers. Our business has shown robust top line growth compared to the previous quarter. We have recently announced enhanced offerings in our Universal Banking, Lending, and Investor Services suite of products to help our customers meet the demands of an increasingly complex and competitive financial services environment."

Commenting on the financial performance, Makarand Padalkar, CFO, i-flex solutions said, "We have made significant investments in expanding our reach, infrastructure and staff strength to meet the requirements of business growth. We have completed the establishment of our subsidiary, i-flex solutions s.a., in Greece giving us local capability to serve our customers in the Balkans region. Our hedging strategies have been effective and we have been able to contain the impact of the rupee appreciation."

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