3i Infotech

3i Infotech reports robust first quarter results - Revenue grows to Rs. 471.62 crores and profit to Rs. 58.10 crores for the first quarter of FY2008-09

Fri, 25 Jul 2008 16:56:55 +0530

Mumbai - July 25, 2008 - 3i Infotech(www.3i-infotech.com), a global provider of IT solutions and one of India's largest and fastest growing software products companies, today announced its operating results for the quarter ended June 30, 2008.

FINANCIAL HIGHLIGHTS
The operations for the quarter include one month’s revenues and profits from Regulus, the largest US acquisition by the Company (recently completed).

Consolidated results for the quarter ended June 30, 2008:
* Revenue for the quarter was Rs. 471.62 crores, a growth of 78.5% over the corresponding quarter of the previous year and a sequential growth of 34% over the previous quarter. This growth consisted of 32.9% of organic growth and 45.6% of inorganic growth on a year on year basis and 14.1% of organic growth and 19.9% of inorganic growth, on a sequential basis.
* Profit before depreciation, interest and tax for the quarter was Rs. 94.29 crores, a growth of 60.9% over the corresponding quarter of the previous year.
* Profit after tax for the quarter was Rs. 58.10 crores, a growth of 44.1% over the corresponding quarter of the previous year.
* Earnings per share (EPS) increased to Rs. 4.35 from Rs. 3.20 in the same quarter of the previous year.
* The Company has amended its segment reporting to separately report the revenues and profits from Transaction Services business, which now constitutes around 22% of the total revenues of the Company.
* Apart from this, the Company continues to maintain a healthy mix of 1:1 between software products and IT services.

Commenting on the results, Mr. V. Srinivasan, Managing Director and CEO, 3i Infotech Limited, said, "Our first quarter results marks the beginning of yet another strong financial year for us. Our strong order book position and a healthy pipeline give us the confidence of being able to achieve the targets we have set for ourselves for the year ahead. As stated in the past, our business model, diversified over geographies and segments, is able to deliver good growth, despite economic factors such as general business slowdown and currency fluctuations."

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3i Infotech implements Anti Money Laundering Solution for Bank of India

Mon, 21 Jul 2008 18:43:10 +0530

Mumbai - July 21, 2008 - 3i Infotech, a global provider of IT solutions and the fourth largest Indian Software Products company, today announced that Bank of India, one of India's Premier Leading Public Sector Banks, with a large Overseas Branch Network, has signed an agreement to implement AMLOCK, 3i Infotech’s award winning Anti Money Laundering (AML) software. As part of this agreement, 3i Infotech will undertake complete system integration, from procurement and installation of hardware including Storage, Database, Middleware, and Report Writer. Read More...

3i Infotech strengthens its commitment to Europe with new regional headquarters

Mon, 21 Jul 2008 18:41:27 +0530

London - July 21, 2008 - 3i Infotech, a global provider of IT solutions, today announces the move of its European headquarters to 25 Canada Square, Canary Wharf. The move reflects the increasing ambitions of the company, as it develops its international footprint and seeks to meet the needs of its increasingly diverse blue chip customer base. Read More...

FinEdge: BFSI Journal from 3i Infotech

Tue, 8 Jul 2008 09:56:41 +0530

FinEdge(June 2008): The cover story in this issue highlights the growing popularity of Islamic Mortgages particularly in the Gulf markets. Through this article, we highlight the growing popularity of Shari’ah compliant mortgages with a special emphasis on the growth of Islamic Mortgages in Malaysia and the GCC. We also present the highlights of a panel discussion on outsourcing IT operations at the IMG roundtable in Bahrain which was organized by 3i Infotech. In our section on Technology, we take a look at the role of SaaS in Insurance which is emerging as a viable option for Insurance companies to succeed in a rapidly evolving business climate. In our Country Focus section, we have focused on the Banking and Financial Services sector in United Arab Emirates (UAE). We analyze the business, financial, as well as regulatory environment in the UAE. To conclude the issue, we bring you a thought paper on building an effective anti-money laundering program in financial institutions.

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Rhyme wins Superior Customer Service Award for 2nd Consecutive Year

Fri, 6 Jun 2008 17:44:17 +0530

London - May 6, 2008 - Rhyme Systems, a 3i Infotech company and a leading provider of asset management solutions, today announces it has won the Systems in the City Award for Superior Customer Service. Recognising the exceptional achievements of individuals and businesses in the financial services sector, the user nominated accolade underlines the increasing industry importance placed on developing and maintaining client relationships. Read More...

New recruit for Rhyme Systems' rhymeSIGHT

Thu, 15 May 2008 15:59:13 +0530

London - May 15, 2008 - Rhyme Systems, a 3i Infotech company and a leading provider of asset management solutions, today announces the appointment of Paul Tavares to the account management team for its integrated investment management platform rhymeSIGHT. Read More

3i Infotech Acquires Strategic Stake in IT System Integrator Specialist Locuz

Fri, 9 May 2008 14:25:53 +0530

Mumbai - May 8, 2008: 3i Infotech, a global Information Technology company, today announced that it has taken a strategic stake in Hyderabad based Locuz Enterprise Solutions (Locuz), a leading System Integrator and IT infrastructure solutions and services specialist. Read More...

3i Infotech signs agreement to acquire Regulus Group, USA and its subsidiaries

Tue, 29 Apr 2008 15:11:37 +0530

Mumbai - Tuesday - April 29, 2008 - 3i Infotech, a global information technology company, today announced it has signed an agreement to acquire Regulus Group LLC (Regulus). Regulus is the largest independent remittance provider and one of the leading providers of document (bills) processing services in the U.S. - addressing the full document lifecycle from print and electronic bill presentment to remittance. Under the terms of agreement, 3i Infotech has proposed to acquire 100% of Regulus, including the company’s products, trademarks and product brands. Read More...

3i Infotech’s Revenue grows to Rs. 1224 crores in fiscal 2008. A growth of 82.4% over previous years revenue. Records a Profit after tax of Rs. 183 crores.

Mon, 28 Apr 2008 10:29:38 +0530

Mumbai - April 25, 2008: 3i Infotech, a global provider of IT solutions and one of India’s largest and the fastest growing software product companies, today announced its operating results for the quarter and year ended March 2008. Read More...

3i Infotech strengthens European Banking and Insurance team

Tue, 22 Apr 2008 13:54:12 +0530

London, 22 April 2008 - 3i Infotech, a global provider of IT solutions, today announces the appointment of Mick Newman to Head of Operations for Banking and Insurance in Europe. With a keen focus on customer service, the appointment reinforces 3i Infotech's commitment to delivering large-scale, complex IT projects to the international financial services and insurance community. Read More...

3i Infotech awarded STQCs Capability Approval Certification

Fri, 11 Apr 2008 17:38:32 +0530

Mumbai, April 9, 2008 - 3i Infotech, a global provider of IT solutions and the fourth largest Indian Software Product company, has been awarded a "Capability Approval Certificate" by the STQC (Standardisation, Testing and Quality Certification) Directorate, Department of Information Technology (DIT), Government of India. This certification is the first of its kind, among IT companies doing work in e-governance in India. Read More

Rhyme Systems boosts delivery management team with new appointment

Fri, 11 Apr 2008 13:37:35 +0530

London - April 10 , 2008 - Rhyme Systems, a 3i Infotech company and a leading provider of asset management solutions, today announces the appointment of Elspeth Goodchild as Delivery Manager. Elspeth joins a growing delivery management team that focuses exclusively on overseeing new customer implementations and large-scale project initiatives. The appointment demonstrates an increased industry interest in effective project facilitation and highlights Rhyme Systemsï¿½ commitment to provide long-term, cost effective customer service. Read More

Rhyme Systems launches hosted model for rhymeSIGHT Reporting to Clients

Wed, 5 Mar 2008 15:41:00 +0530

London - March 5, 2008 - Rhyme Systems, a 3i Infotech company and a leading provider of asset management solutions, today launches a hosted model for rhymeSIGHT Reporting to Clients, its standalone next generation client reporting solution.

Developed to combat the increasing complexities associated with client reporting, rhymeSIGHT Reporting to Clients generates additional efficiencies for users and provides senior management with greater control, accuracy and visibility throughout the entire report production process.

As part of the service, Rhyme Systems will provide comprehensive maintenance, support and software upgrades to its users. This will enable businesses to outsource the production of client reports while providing them with a bespoke service that meets their changing commercial requirements. Read More...

Union Bank of India partners with 3i Infotech to implement Anti Money Laundering initiative

Thu, 28 Feb 2008 19:37:57 +0530

Mumbai - February 27, 2008 - 3i Infotech, a global provider of IT solutions and the fourth largest Indian Software Products company, today announced that Union Bank of India (UBI), one of India's largest state-run banks, has signed an agreement to implement AMLOCK, the companyï¿½s award winning Anti Money Laundering (AML) software at Union Bank of India. Read More...