Infosys buys IP technology for Finacle

Infosys buys IP technology for Finacle
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First Published: Wed, Apr 23 2008. 03 02 PM IST
Updated: Wed, Apr 23 2008. 03 02 PM IST
PTI
New Delhi: IT bellwether Infosys Technologies has bought advanced technology module from an Australian company to enhance the features of its banking software product Finacle.
“We have acquired IP (Internet Protocal) from an Australian company this month to add more functionality to Finacle. The IP, which provides a comprehensive set of financial tools to our existing product line, is suitable for large banks in European countries who use advance technology,” Infosys Technologies banking division (Finacle) Head Hargopal M told PTI.
He said Finacle with the IP module would be priced separately, which would add to the company’s topline and bottomline in the current financial.
“We do see this as adding momentum to Finacle. A good traction is already there,” Hargopal said.
When asked about the deal size, Hargopal stated: “As per our understanding we cannot name the company from which we have acquired the technology and at what price.”
Finacle is used by 109 banks spread across 60 countries in the world. Finacle clocked a turnover of $150.8 million, registering a growth of 31.7% year-on-year.
Finacle, the universal banking solution from Infosys, empowers banks to transform their business leveraging technology. The solution addresses the core banking, e-banking, Islamic banking, treasury, and wealth management and CRM requirements of retail, corporate and universal banks worldwide.
The company faces competition from TCS, Oracle’s Flexcube, Temenos and Misys.
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First Published: Wed, Apr 23 2008. 03 02 PM IST