In 1992, Rajesh Hukku, then head of Citicorp Overseas Software, spun off Citicorp Information Technology Industries Ltd. (CITIL), now called i-flex solutions, from the giant financial institution. Citi had decided that software wasn't its business, but invested $400,000 in the venture. In 2005, Oracle bought out Citicorp's 42% interest for $592 million, a humongous return on Citi's investment in just 13 years. In the first of a two-part interview with India Knowledge@Wharton, Hukku spoke about i-flex's start and strategy with Ravi Aron, a senior fellow at Wharton's Mack Center for Technological Innovation.
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Leadership and Change
i-flex solutions' Rajesh Hukku: 'No One Dreamed That $400,000 Would Become Almost $600 Million in 13 Years'. (2007). Knowledge@SMU.
Available at: http://ink.library.smu.edu.sg/ksmu/265