i-flex bags $200 m BoA order 
The Financial Express, June 9, 2006

Chennai: Banking products and IT services major i-flex Solutions Ltd has bagged a multi-year deal worth over $200 million from Bank of America (BoA) to install its product, ‘Flexcube’, for BoA’s worldwide operations. 

This is the largest deal by any Indian software company in the core banking space. Infosys, Polaris and TCS are the only other Indian IT firms selling core banking solutions. 
The deal, clinched a few days back after months of negotiations, will bring the entire global operations of BoA under i-flex’s core banking platform. 

When contacted, Deepak Ghaisas, head of India operations, i-flex Solutions, confirmed the development to FE. But he refused to give details. 

Informed sources put the deal size anywhere between $200 million and $500 million. Both the partners were expected to extend the relationship beyond the deal, they added. 
Flexcube has been a major revenue earner for i-flex over the years. The company is expected to handle the deal with the existing staff initially and will add a few hundreds based on the need. 

The company will start deploying Flexcube in BoA branches from the second quarter of the current financial year, initially starting with the Asian region. The job involves a combination of both onsite and offshore presence. 

Since the third quarter of 2005, i-flex has bagged many deals, including one from Citigroup.