i-flex joins Siebel Alliance Program as Base Consulting Partner

13-Dec-01

Completes first phase of Siebel eBusiness Applications implementation at ICICI, India

Bangalore, December 13, 2001: i-flex solutions limited, a leading provider of technology
solutions for financial institutions worldwide, today announced that it has joined the
Siebel Alliance Program as a Base Consulting Partner to assist financial institutions in
implementing Siebel eBusiness Applications. Under the agreement, i-flex will be a Siebel
Base Consulting Partner for United States and India, in the financial services industry.
Siebel Systems, Inc. (Nasdaq: SEBL) is the world's leading provider of eBusiness
applications software.

Siebel Systems provides an integrated family of eBusiness applications software,

enabling multichannel sales, marketing, and customer service systems to be deployed
over the Web, call centers, field, reseller channels, retail, and dealer networks. As a
Siebel Consulting Partner, i-flex will play a pivotal role by implementing Siebel
eBusiness Applications for financial institutions along with its flagship product
FLEXCUBE. FLEXCUBE is a Universal Banking Solution that meets the enterprise
needs in retail, corporate and investment banking. A reliable, industry-strength, multi-
currency, multi-lingual, one-stop solution, FLEXCUBE offers the integrated delivery of
all banking products across the branch network, telephone, ATM, POS and Internet. The
partnership will combine i-flex's domain expertise in the financial services vertical with
Siebel Systems' industry-specific, technology leadership in multichannel eBusiness
applications software such as Siebel eFinance, Siebel Systems' specialized solution for
the finance industry.

i-flex has established a Customer Relationship Management Center of Excellence (CRM

CoE) to provide state-of-the-art, comprehensive, and integrated solutions to banks and
financial institutions. i-flex's CRM CoE has already developed impressive skills on
configuration, integration, and implementation of Siebel eBusiness Applications for
deployment in connected as well as Web-based thin client mode. This Center is staffed
with Siebel Certified consulting professionals.

Vijay Sharma, Head, i-flex consulting, i-flex solutions limited, said, "Partnering with
industry leaders like Siebel Systems to deliver solutions that enhance and contribute to
our customers' business is an integral part of i-flex's business strategy. We shall be
enabling connectors for Siebel eBusiness Applications with FLEXCUBE, our back office
solution, to enhance the benefits to FLEXCUBE users. We have also recently completed
the first phase of a customer-centric Siebel eBusiness Applications implementation at
ICICI, India."

"Siebel eFinance will dramatically improve our customer service, increase customer
satisfaction and retention, and provide a stronger competitive edge in financial services
and banking spaces," says Madhabi Puri Buch, General Manager, ICICI Group. "Siebel
Systems, together with our technology partners' i-flex solutions limited and ICICI
Infotech, have provided us with professional and superior consultancy services
throughout the implementation phase, and their customer service has been nothing short
of outstanding."

In pursuance of this agreement, i-flex has already completed the first phase of
implementation of Siebel eBusiness Applications at ICICI. i-flex studied processes
pertaining to sales force automation, incentive compensation, and customer service for
ICICI's retail businesses. In the first phase of the implementation, the product went live
for five of ICICI's retail businesses on August 31, 2001. This Siebel eBusiness
Applications implementation is a first in many ways. It is the largest implementation of
Siebel eBusiness Applications in India and also one of Siebel Systems' largest HTML
thin client implementations anywhere in the world.

About i-flex solutions limited

i-flex solutions limited is a world leader in technology solutions for the financial services
industry and offers its customers an end-to-end portfolio unmatched in its
comprehensiveness. i-flex's flagship product, FLEXCUBE, has been deployed at leading
financial institutions across the world. i-flex provides financial institutions pre-packaged
products, custom solutions, consulting services, or offshore development facilities.

i-flex draws on its rich functional and technology expertise pool to offer strategic and
business consulting through i-flex Consulting, its consulting division. i-flex also offers
financial institutions customized solutions through its domain and technology Centers of
Excellence, which encompass areas such as Business Intelligence, CRM, e-services,
Integration Services, Insurance, and Payment Systems.

i-flex has provided IT solutions and services to more than 300 financial institutions in
over 75 countries. FLEXCUBE is ranked among the world's top two largest selling
wholesale back office banking systems in the International Banking Systems (IBS) UK
Sales League Tables for 1999 and 2000. FLEXCUBE first achieved this ranking in 1999
within two years of its launch. FLEXCUBE has also been ranked among the top three
retail back office banking systems by the London-based Retail Banking Systems (RBS)
for the year 2000.
i-flex is an SEI CMM® Level 5 company, employs more than 2000 professionals, and
has established 12 global support centers across the world to support its worldwide
implementations. i-flex has entered into alliances with industry leaders including
Accenture, Compaq, Hewlett Packard, IBM, Intel, Microsoft, Oracle, and Sun
Microsystems for marketing, implementing, and supporting i-flex's solutions. i-flex
additionally addresses the requirements of various markets through more than 30
distributors who cover over 45 countries.

More information on i-flex's products and services is available at

www.iflexsolutions.com

®CMM is registered in the U.S. Patent and Trademark Office by Carnegie Mellon
University.