i-flex Solutions to change its name to Oracle Financial Services Ltd

Mumbai: i-flex Solutions Ltd has announced that its board of directors, at a meeting held on 04 April, 2008 has approved a proposal to rechristen the company as Oracle Financial Services Ltd, subject to regulatory and shareholder approvals.

The proposed new name reflects the company's close strategic and operational alignment with its parent, Oracle Corporation, which owns 81 per cent of the company.

Oracle is the leading enterprise software provider and counts the top banks, insurance companies and securities firms amongst its 8,500 financial services customers across 145 countries.

According to i-flex, the new "Oracle Financial Services" brand represents the industry's most comprehensive range of packaged software and services solutions for financial services across banking, capital markets, and insurance-all from Oracle. It also reflects deep domain expertise in the financial services industry coupled with world-class software development and support experience, a unique combination of integrated and best-of-breed business solutions for the industry, and a business process-oriented approach that aligns IT initiatives with business requirements and enables an evolutionary transformation of IT infrastructure.

The new branding strategy demonstrates the synergies of scale, resources, expertise and efficiency across the two organizations. The current management team under CEO and managing director N R K Raman will continue to run the operations of the company.

"The new branding reflects the importance that Oracle attaches to the financial services sector," said Charles Phillips, Oracle's president, and director of i-flex solutions Ltd.