| The implementation of the product suite, which will replace the existing legacy system, will cover loan origination, loan syndication and secondary loan trading businesses for Citigroup's US and UK operations. |
| It might be recalled that iFlex had signed a deal with Citigroup in 2003, which was valued at $200 million. It involved the implementation of the Flexcube product across Citigroup locations across more than 90 countries. The deal was then assessed as the largest software project awarded to an Indian company. |
| According to Makarand Padalkar,chief of staff of iFlex, "This agreement is part of our original deal with Citigroup for implementation of Flexcube across their corporate offices in more than 90 countries. This would be the first implementation of iFlex within Citigroup US. "No details on the size of the deal was available. |
| The Citigroup Venture Capital fund holds a little more 43 per cent stake in the software major. Citigroup contributed 24 per cent of the product revenue and 70 per cent of the services revenue for iFlex in fiscal 04. Overall, they contributed a hefty 42 per cent of revenues. |
| When asked about any problems that might arise from the dependence on Citigroup for such a large chunk of revenue, Padalkar said, "I don't think it is really a risk factor. Citigroup is made of multiple divisions and work with each of them entails individual relationships. It is not one monolith we are talking about." |
| The latest deal is one of the bigger implementations of the product in the US for iFlex. |
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