Synapsys ventures to Maldives

Successfully implements Oracle E-Business Suite at HDFC, Malé

In another landmark achievement, Synapsys successfully completed a significant foreign project in December 2010, with the implementation of Oracle E-Business Suite at Housing Development Finance Corporation PLC (HDFC) in Malé, Maldives.

HDFC is a company incorporated by presidential decree under the Maldivian Companies Act in 2004, with a vision to provide decent and affordable homes in a safe and healthy environment, and work towards uplifting the standards of living for all Maldivians by becoming a National Development Bank.

The Government of Maldives holds the majority of shares (49%) in HDFC while International Finance Corporation (IFC), Asian Development Bank (ADB) and HDFC (India) hold 18%, 18% and 15% respectively.

Synapsys was selected for the project, following judicious consideration by HDFC, due to expertise and experience afforded by Synapsys in the subject area. HDFC’s judgment was substantiated when the project was successfully completed well within the budgeted time and cost boundaries in a short duration close to a month.

As planned, the applications were put to production use on 23 December 2010. HDFC also entered into an agreement to receive applications support services from Synapsys thereon.

Synapsys is an ISO 9001:2008 certified company providing consulting, business solutions and managed services to the Financial Services Industry. Synapsys is also a partner of Oracle, specialising in Oracle’s Enterprise Resource Planning (ERP) and Enterprise Performance Management (EPM) application suites.

Synapsys has successfully completed several projects in both these areas utilising a resource personnel base that carries substantial business domain expertise as well as having acquired Oracle Certifications in the relevant areas.

Commenting on the outcome of the project, Dinesh Fernandopulle, Chief Executive Officer of Synapsys, said: “We take this as a further endorsement of our abilities in amalgamating business and information technology expertise into a productive whole and in bundling it with our comprehensive set of service offerings for the FSI client.”

Appreciating the efforts of parties involved, he added: “We wish to thank the Board of Directors, the Management and the Project Team of HDFC, and, Oracle for their part in making this project such a notable success.”

Synapsys plans to expand its Oracle Licensing and Implementations business in 2011.