i-flex to become Oracle Financial Services

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.