In a recent official statement released by the company, the i-flex Solutions has announced that it has changed its name to Oracle Financial Services from now in order to reflect its close strategic and operational alignment with its parent, Oracle Corporation. The company has stated that the Oracle Corporation is the owner of a majority stake of 81% stake in the company and the board of directors of the company has also approved this decision.
The company has released the official statement on Friday for informing the Bombay Stock Exchange regarding the decision and said that the decision of the companys board to approve a proposal for changing the named, is still subject to the regulatory and shareholder approvals. While commenting on the issue, the CEO and Managing Director of the company, Mr. N R K Raman said, "The new identity will enable us to better leverage the global reach, infrastructure and brand visibility of Oracle to accelerate our growth".
Mr. Raman was also talking about the plans of the company with the name change and said that the new branding strategy is demonstrating the synergies of scale, resources, expertise and efficiency across the two organizations. The statement added that there will be no change in the management team of the company that is working at the moment and it will continue to run the operations of the company under Mr. N R K Raman. The statement further informed that the board of directors of the company has also approved buying the balance 60% stake in the Flexcel International and thus making it a wholly-owned subsidiary of the company. The industry sources have stated that the Flexcel International is actually a joint venture company between the HDFC Bank and i-flex solutions.
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| Posted : 4/5/2008 |
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