Oracle zooms in on financial services

Oracle has created a new business unit that will bundle all of its existing applications in the area of banking, capital markets and asset management, and hold any future acquisitions.

The group is built around iFlex, a Indian software developer of financial applications in which Oracle owns a majority stake. The unit will be headed up by Rajesh Hukku, who previously served as iFlex' managing director and two more iFlex executives will join Oracle.

The enterprise software firm furthermore will act as a reseller for iFlex software.

Oracle currently is lacking in the financial services sector, said Oracle co-president Charles Philips. The formation of the new business unit aims to consolidate and integrate its existing applications and further build out its offerings.

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