i-flex solutions' Global Momentum Advances with Record Earnings and Key Customer Wins

Profits and Customer Base Expand as Banks Worldwide Demand i-flex's Expertise, and Blend of Products and Services

NEW YORK, May 29, 2003: Building on its strong momentum as a leading
IT solutions provider to the financial services industry worldwide, i-flex
solutions announced today that its blend of products and services continue
to drive record growth and key customer wins.

Driving i-flex's strong momentum is the addition of 59 new customers over
the last 12 months ? increasing the company's total number of customers
serviced to 404, spanning 93 countries. Much of the expansion comes from
key customer wins in Asia, Europe and, most recently, the United States.
These include: NikkoCiti Trust in Asia, Hebros Bank and Banking Payments
Authority in Europe, International Monetary Fund (IMF) and the North
Carolina Department of State Treasurer (NCDST) in the United States.

The growth is especially evidenced in i-flex's strong earnings. Despite a
global economic downturn, over the past four years i-flex's revenue
increased 192 percent and profits 123 percent. This past fiscal year alone
saw dramatic growth ? for the fiscal year ended March 31, 2003, i-flex
revenues increased by 46 percent and profits rose by 71 percent.

"We are very pleased that our diversified business model has truly
reinforced our ability to grow despite a challenging business environment,"
said Rajesh Hukku, Chairman and Managing Director, i-flex solutions. "We
will continue to invest in our global sales and marketing infrastructure
and branding efforts to sustain this momentum. Most recently this has seen
the opening of new Development, Support, Demonstration and Contingency
Centers in Singapore and New York."

Don Free, a Gartner senior analyst states that financial institutions are
changing their back office systems. "The process of aligning business value
with IT investments is driving many financial institutions to take a hard
look at their current back office systems. Best of breed, point solutions
are being pushed aside in favor of open architected, component-based,
packaged core banking solutions."

Paving the way for this banking back office transition is FLEXCUBE,
i-flex's flagship core banking replacement solution that over the past year
was chosen by 36 new name customers. Most recently, International Banking
Systems, a publishing company in the UK that tracks all core banking deals
worldwide ranked FLEXCUBE the No.1 selling universal banking solution in
the world for 2002.

"Our strategy of focusing on domain expertise and intellectual property,
coupled with global diversification, is driving our strong business
momentum," said R. Ravisankar, CEO, International Operations and
Technology. "We are making headway toward our goal of becoming the globally
preferred IT solutions provider to the financial services industry."

The company's growing position as an expert in financial services industry
is further demonstrated through its variety of awards and accolades. In a
March report from The Tower Group, i-flex was ranked highest in domain
expertise amongst Indian IT services vendors. i-flex also ranks as the number one web-based cash management solution provider in Europe in an independent study conducted by Celent Communications. In addition, i-flex is ranked among the top five Indian IT companies, in terms of market capitalization, according to a recent report by the Economic Times of India.

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