i-flex Solutions Ltd has announced that the Company on April 03, 2008 signed an agreement with Wipro Ltd under which Wipro will market, implement and support i-flex's products in the Middle East and Egypt. The products include FLEXCUBEr', i-flex solutions flag ship core banking product suite, and i-flex's analytics offering, an integrated suite of award-winning solutions - ReveleusT and Mantas - that help financial institutions maximize profitability, minimize risks and deliver enterprise-wide compliance. Wipro Ltd is a global leader in providing technology, software and consulting services.
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 is predicted to reach USD 500 million in 2008.
i-flex has an established presence in the Middle East and this partnership will 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.
Elaborating on the partnership, Mustafa Moonim, Vice-President, Europe & Middle East Sales, i-flex solutions 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."
Rajat Mathur, Chief Executive of Business Solutions and Head of International Geographies, Wipro Infotech said, "This alliance will give us the opportunity to leverage i-flex's experience of delivering value-based solutions to customers. i-flex's in-depth expertise, capability in the financial services industry and footprint in the Middle East, will enable us to further deliver innovative solutions to our customers and prospects."
Mr. Mathur further added, "The Middle East is a key region for us. We have a strong position in the banking sector, and with this alliance we will be able to add to our portfolio of IT services in the Middle East market."
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