i-flex solutions, a firm providing solutions to the financial sector, has changed its name to Oracle Financial Services Ltd, as per the announcement made on Friday.The board of directors of i-flex solutions Ltd at its meeting here on Friday, approved the proposal to change the name.
Top company officials said the change in name will come into effect about 90-120 days from now after taking regulatory and shareholders' 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," a release issued here said.
Oracle acquired stake in Bangalore-headquartered i-flex in 2005.
i-flex solutions CEO and Managing Director N R K Raman said, "The new identity will enable us to better leverage for global reach, infrastructure and brand visibility of Oracle to accelerate our growth."
The company officials said the name change is only a branding exercise and there will be no change in the management structure of the company and i-flex will continue to remain independent.
The official refused to comment on possible delisting of the company from the Indian stock exchanges.
Responding to queries whether the subprime crisis in the US would affect its business, company's Chairman Rajesh Hukku said it is a globally diversified business.