Offering regional and national programs, CIO (and CSO) events bring together some of the most respected names and thought leaders in information technology and security. Presented by CIOs and other senior level executives, these invitation-only programs offer timely topics and strong networking. Learn More »
Social Responsibility's Strategic Benefits
December 15, 11:30 AM - 12:30 PM US/Eastern (GMT-5)
Join Ed Granger-Happ, CIO of Save the Children, for a discussion of how creating an organization that is socially responsible improves staffing, retention, leadership development and overall corporate health.
Working With and Communicating to Your Board of Directors
January 13, 2009, 4:00 PM - 5:00 PM US/Eastern (GMT-5)
CIO panelists who will share tips and experiences working with their boards: Twila Day of SYSCO; Jeff O'Hare, West Corp.; Marc West, formerly with H&R Block.
IT's Role in Growing Mid-Market Companies
January 14, 4:00 PM - 5:00 PM ET (GMT-5)
Mid-market Council members will share their companies' stories and challenges in driving or coping with growth. Panelists represent Veterinary Pet Insurance, Medicis Pharmaceutical, and Intrax Cultural Exchange.
Learn more about the CIO Executive Council »
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Oracle Looks to India for Financial Services Business
Oracle plans to make its Indian subsidiary a hub for its strategy for the financial services market. I-flex solutions, the Indian banking software subsidiary of Oracle, said Friday that in line with these plans, it will change its name to Oracle Financial Services Ltd.
April 04, 2008 — IDG News Service —
Oracle plans to make its Indian subsidiary a hub for its strategy for the financial services market. I-flex solutions, the Indian banking software subsidiary of Oracle, said Friday that in line with these plans, it will change its name to Oracle Financial Services Ltd.
The new branding reflects the importance that Oracle attaches to the financial services sector, a notice to the Bombay Stock Exchange quoted Charles Phillips, Oracle’s president, and a director of i-flex, as saying on Friday. Oracle Financial Services will be a focal point for Oracle's investment in innovation and leadership in financial services, Oracle said.
I-flex also announced Friday its plans to acquire the entire stake in Flexcel International, a joint venture it had set up with HDFC Bank in Mumbai to offer its banking software in an application service provider (ASP) model to small banks.
Based in Mumbai, i-flex is a vendor of banking and financial services software and services. It has 790 customers in over 130 countries. Central American Bank for Economic Integration (CABEI),a financial institution in Central America, for example, has recently deployed i-flex’s Flexcube banking software.
Oracle currently owns 81 percent of the equity of i-flex. The change of name is subject to regulatory and shareholder approvals, i-flex said.
The local managers who set up i-flex will however continue to manage the company, a spokesman for i-flex said on Friday.
Oracle acquired from Citigroup's venture capital unit about 40 percent of the equity in i-flex in 2005, and raised its stake in the subsidiary in stages. The acquisition of a stake in i-flex was part of Oracle's move to expand beyond general purpose ERP (enterprise resource planning) applications and into more industry specific software, Oracle said at the time.
Oracle also has product development and services centers in India.
Copyright © 2008 IDG News Service. All rights reserved. IDG News Service is a trademark of International Data Group, Inc.
The Intelligent Enterprise
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Raising the Bar on Business Service Delivery: Best Practices in Application Performance
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Resource Alerts
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Windows 7 Public Beta to be Available Friday
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