iflex expands leadership

Bangalore, May 1 (UNI) i-flex solutions, a leading IT solutions provider to the global financial services industry, today announced expansion of its leadership team to support accelerated growth and acquisitions, and to better leverage Oracle's global organization for the banking industry.

The changes approved by the Board of the company saw Mr Rajesh Hukku, the current Chairman and Managing Director, moving to head the new Oracle Financial Services Global Business Unit, in addition to his i-flex oversight responsibilities. He would continue on the i-flex Board as non-executive Chairman.

Mr N R K Raman, currently Chief Operating Officer, joined the Board as Managing Director and Chief Executive Officer of i-flex.

Mr R Ravisankar, currently Chief Executive Officer (International Operations) and Deepak Ghaisas, currently Chief Executive Officer (India Operations) and Chief Financial Officer, have been elevated to the Board as Vice Chairmen. In addition, they would join the management team of the new Oracle Financial Services Global Business Unit.

The Financial Services Global Business Unit would 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.

Mr Hukku, Mr Ravisankar and Mr Ghaisas would join Oracle to lead the newly formed Global Business Unit to focus on applications for the financial services industry, including banking, capital markets, and asset management. The new business unit would 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 were designed to leverage this development for accelerated growth through better coordination with the Oracle strategy for financial services. i-flex would 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 road map to position ourselves better to capture the enormous opportunity in financial services by expanding our leadership team," said Mr Hukku.

"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" he added.

UNI