The Mumbai core processing software vendor i-flex solutions ltd. said it plans to change its name to Oracle Financial Services Ltd. to reflect the identity of its majority owner, Oracle Corp. of Redwood City, Calif.
The change, announced last week, is subject to subject to regulatory and shareholder approvals, according to i-flex, whose last fiscal year ended March 31.
Oracle Corp. acquired a 43% stake in i-flex in November 2005, buying out the vendor's founder, Citigroup Inc. Since then Oracle has increased that stake in several transactions; now it owns 81%.
The vendor is the centerpiece of a financial services global business unit that Oracle launched in June in New York to boost sales to banks.
Charles Phillips Jr., Oracle's president and a director of i-flex, said in a press release that the new name would "put the power and credibility of the Oracle brand behind this strategic initiative."
