Oracle-owned Indian software vendor i-flex solutions has formed a new Financial Services Global Business Unit (FSGBU), headquartered in New York. The FSGBU will consolidate Oracle’s financial services applications, domain experts, and related services into a single business unit with global scale, dedicated to the financial services industry.
The company has also made management changes to its executive management and Board of Directors.
Rajesh Hukku, the current Chairman and Managing Director, will head the new Oracle FSGBU, in addition to his i-flex oversight responsibilities. He will continue on the i-flex Board as non-executive Chairman.
N.R.K. Raman, currently Chief Operating Officer, joins the Board as Managing Director and Chief Executive Officer of i-flex.
R. Ravisankar, currently Chief Executive Officer (International Operations), and Deepak Ghaisas, currently Chief Executive Officer (India Operations) and Chief Financial Officer, are both elevated to the Board as Vice Chairmen. In addition, they will join the management team of the new Oracle FSBGU.
Derek Williams, Executive Vice President of Oracle, will also join the i-flex Board.
Makarand Padalkar, currently Chief of Staff and Head, Investor Relations, assumes the role of Chief Financial Officer.
Hukku, Ravisankar and Ghaisas will join Oracle to lead the newly formed FSBGU to focus on applications for the financial services industry, including banking, capital markets, and asset management.
The new business unit will aggregate Oracle’s financial services-specific applications offerings, and serve as a vehicle for future acquisitions in financial services. “The management changes announced by i-flex are designed to leverage this development for accelerated growth through better co-ordination with the Oracle strategy for financial services,” said i-flex in a statement. “i-flex will also benefit from the selling and servicing opportunities arising from the growth in the Oracle footprint in financial services resulting from future acquisitions by the Oracle FSGBU.”
“This is an integral step in i-flex’s strategic roadmap to position ourselves better to capture the enormous opportunity in financial services by expanding our leadership team,” adds Rajesh Hukku, Chairman. “These changes will enable us to better leverage the synergies of i-flex’s comprehensive portfolio of products and services with the overall Oracle strategy for leadership in financial services.”