i-flex to become Oracle Financial Services

i-flex to become Oracle Financial Services

i-flex to make Flexcel its wholly owned subsidiary with buyout of remaining 60 per cent stake

Friday, April 04, 2008

Email This

Print This

Comments

RSS

MUMBAI, INDIA: i-flex solutions today announced that its board has approved the acquisition of 60 per cent stake in Flexcel International Pvt Limited in order to make it a fully owned subsidiary of the company.

The company will buy 31,02,000 shares of Rs 10 each, informed i-flex to the Bombay Stock Exchange.

The company's board of directors also gave its nod to change the firm's name to Oracle Financial Services Limited, subject to regulatory and shareholder approvals. Oracle Corporation owns 81 per cent stake in i-flex solutions.

N.R.K. Raman, CEO and managing director of the company, will continue to run the operations.

"The new identity will enable us to better leverage the global reach, infrastructure and brand visibility of Oracle to accelerate our growth," said Raman.

"Oracle Financial Services Limited will be a focal point for Oracle's investment in innovation and leadership in financial services, and we are delighted to put the power and credibility of the Oracle brand behind this strategic initiative," said Charles Phillips, Oracle president and director of i-flex solutions Ltd.

©CyberMedia News

Email This

Print This

Comments

RSS

Toon porn star 'Savita bhabhi' under fire

Not Airtel, but Apple decides iPhone prices

Indians on par with US s/w developers

iPhone is 'over priced' in India

India to get 3G iPhone with bugs

Toon porn star Savita Bhabhi in police radar

India among top 10 spam sending countries

Apple iPhone 3G makes its India debut

iPhone and gPhone shake up wireless world

India set to receive 3G iPhone

	Complexicity or Simplicity - Choose
	Try visual studio 2008. It’s Free
	Now Store trust & simplicity

	Mahindra Connect benefits from SharePoint Server 2007
	Solving the "lost data" problem
	Wipro meets its future demands through E-Cube

	HP Business Availability Center
	Transforming Business
	Aligning IT and Business