Finacle revenue surges 68%

CORPORATE SCORECARD

Finacle, the banking product from the Infosys stable, posted 68 per cent y-o-y growth to touch $82 million revenue for the financial year 2006 against $38 million for FY05.

For the fourth quarter ended March 31, 2006, its topline was $17.5 million, a sequential increase of 11.5 per cent from $15.7 million posted in Q3FY06.

According to the company, Finacle is one of the fastest-growing solutions in its category and is growing three-four times its nearest competitor.

Infy officials said during the last financial year, the product won 16 new clients across Asia Pacific (APAC), Europe and the Middle East, besides Latin America.

"APAC and Europe continue to be the growth drivers with Finacle registering impressive wins across south-east Asia, Australia and Europe. Finacle has also reinforced its position in the Middle East with a win at Arab National Bank and made an entry into the Latin American market with a win at Banco Continental De Panama," a company spokesperson said.

Finacle, which competes head-on with i-flex "" now controlled by Oracle, recently announced that it was preparing to enter the mature US, European and Australian markets, after getting a foothold in emerging markets.

The company is banking on the fact that financial institutions in the mature markets adopted technology in the early 80s and 90s, and are now using the legacy systems.

Lifecycle of such banking applications, usually 15-20 years, is coming to an end. These banks are now aggressively scouting for the latest core banking solutions and Finacle hopes to capitalise on this opportunity.