Oracle has raised the stakes in its competition with SAP over the financial services market with the announcement that it has created a global business unit for the sector and indications that further acquisitions are on the way.
The new unit will consolidate and integrate Oracle’s portfolio of financial service applications that includes the i-flex banking software and Oracle’s own financial services software. It will also be used to centralize and coordinate current and future assets. Oracle has not commented on what the future assets will entail but is certain to make further acquisitions in this area.
The company has drafted in senior executives from i-flex to run the New York-based unit. I-flex chairman Rajesh Hukku will run the unit as general manager and senior vice president. Fellow i-flex executives R Ravisankar, currently CEO of International Operations, and Deepak Ghaisas, CEO of India Operations and CFO, will form the rest of the management team. All three will continue to serve i-flex, which Oracle has majority ownership of, with Hukku continuing to serve as the chairman of the board of directors while Ravisankar and Ghaisas will join the i-flex board as vice chairmen.