Eurobase International Group forges strategic alliance with ICICI Infotech

London / Mumbai, August 4th, 2004: Eurobase International a leading supplier of software and services to the global banking and insurance markets, has formed a strategic alliance with ICICI Infotech , a leading end-to-end IT solutions provider This alliance will allow Eurobase to integrate ICICI Infotech’s flagship offerings Kastle, a back office treasury system and RiskFree, a market risk analysis system, with its treasury dealing system Siena to provide a truly integrated STP solution for a bank’s treasury needs.

Both ICICI Infotech and Eurobase have invested significantly in developing and integrating the products, bringing to market an Object Orientated solution giving a low cost of ownership that allows customer specific changes to be developed quickly and maintained as part of the core software. The unique architecture of these products allows them to interface with other treasury solutions where a bank deploys more than one application in the front office. These products, which can easily integrate with third party products, will provide banks with a consistent view of the data across the front, middle and back office operations.

Commenting on the alliance, Hari Padmanabhan, Executive Director of ICICI Infotech said "ICICI Infotech’s in-depth expertise in the financial services market coupled with a leading solution like Siena will provide the banking industry with a complete front-middle-back office STP solution. This is a symbiotic alliance, through which we can tap into the US and European financial services market."

John Wilson, CEO of Eurobase adds, "The Eurobase product vision is to provide banks with a very cost efficient STP solution, whilst effectively managing operational, market and credit risk. We chose to work with ICICI Infotech because of the rich functionality of the products and the compatible modern technology of the solution, which complements Siena’s Java architecture. Our strong relationship with Infotech will enable us to work together on future product development to ensure our clients benefit from the application of IT to their needs".

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