Oracle Corporation (NASDAQ-GS: ORCL) today
announced the formation of a new Global Business Unit focused on
applications for the financial services industry. The Financial
Services Global Business Unit, headed by i-flex solutions limited
Chairman Rajesh Hukku, will bring together Oracle's financial services
application assets to provide a comprehensive range of best-in-class
solutions for the financial services industry.
"Oracle is already #1 in ERP and CRM applications for the financial
services industry. With our majority investment in i-flex, we now have
the world's top ranked solution for banking," said Charles Phillips,
President of Oracle Corporation. "The formation of this global business
unit, managed by a team that has extensive experience, domain expertise
and a proven track record of leadership in financial services, will
enable the consolidation and integration of our growing portfolio of
financial services applications to provide the comprehensive and
best-in-class solutions that our financial services customers expect
from Oracle."
"Oracle today stands out as a clear leader in its vision of
integrated, standards-based applications with unmatched functionality
and domain expertise to solve business problems, and is moving
aggressively to fulfill that vision," said Rajesh Hukku, Oracle's new
General Manager and Senior Vice President of the Financial Services
Global Business Unit (FSGBU). "I am delighted to have the opportunity
to lead the effort to fulfill that vision for financial services."
Oracle's new Global Business Unit, headquartered in New York City,
will centralize and coordinate current and future financial services
application assets of Oracle. It will bring together vertical
applications from i-flex (FLEXCUBE, Reveleus, Mantas, DayBreak,
Insure3) and Oracle, complemented by i-flex Services and KPO offerings,
to provide a comprehensive and integrated suite of solutions for
financial institutions.
These newly integrated offerings will enable leading financial
services institutions to achieve greater efficiency, greater
responsiveness to rapidly changing market requirements, mitigate risk,
and manage the challenges of increasing competition and growing
regulatory complexity.
i-flex executives R. Ravisankar, currently CEO (International
Operations) and Deepak Ghaisas, CEO (India Operations) and CFO, will
join Rajesh Hukku to form the management team of the new business unit.
Mr. Hukku will continue to serve as the Chairman of the Board of
Directors of i-flex, while Mr. Ravisankar and Mr. Ghaisas will join the
i-flex Board as Vice Chairmen.
