IDEALINVENT expands its global footprint to Azerbaijan through a partnership with Ultra Company

Bangalore and Baku - 7 May 2014

IDEALINVENT Technologies is pleased to announce its entry into the Caucasus region through the signing of a partnership with Ultra Company, Azerbaijan. The partnership empowers Ultra Company to distribute and implement IDEALINVENT’s next generation banking products – ConnectCore™ and DataMatrice™ in Azerbaijan.

Ultra Company has rich local knowledge and credibility proven through their representation of several globally renowned IT corporations such as Intel, Microsoft, Oracle, HP and Cisco in Azerbaijan. With more than 15 years of experience in the IT sector, and significant experience in implementing banking applications, Ultra has the required mix of experience and skill to bring ConnectCore™ and DataMatrice™ to the Azerbaijan market.

ConnectCore™ is IDEALINVENT’s flagship banking platform and it comprises 3 distinct solutions - a modern SOA based Core bank, Channels & Mobility and a Payments hub. These solutions have an international pedigree having first been implemented in the Nordics. DataMatrice™ is a data management, integration and transformation tool and comes into the Azerbaijan market at an opportune moment bearing in mind the current market sentiments on consolidation of the banking industry. There are expected to be challenges arising from these mergers and acquisitions, particularly issues related to integration and data integrity that could pose a serious threat to business continuity. DataMatrice™ offers a promising value proposition for banks to address these potential threats.

Mridul Kumar Nath – IDEALINVENT’s head of Alliances and Partner strategy, comments “This partnership is a second milestone in our strategy to gain prominence in the CIS region after a successful partnership signing in Moldova last year. We are positive about the market for core bank replacement in Azerbaijan as more and more banks are looking to modernize their core in order to support technologies that are evolving in the channels and analytics space.” Mr. Nath also added that with advanced banking systems such as ConnectCore™ and DataMatrice™, banks can get the competitive advantage they need which is so hard to achieve in a saturated and highly regulated sector such as the financial services.

Mehemmed Zulfugarli, Board member at Ultra Company explains further “The signing of the agreement with IDEALINVENT Technologies is a big step forward for our company's development of integration services offered in the Azerbaijani IT market. The introduction of products such as ConnectCore™ and DataMatrice™ in our portfolio will allow us to meet end to end needs of the banking sector and help banks be more productive and successful in serving their customers."

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