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Oracle launches financial-services unit

Company uses its investment in banking-application company I-flex to consolidate current and future holdings in the industry.

Oracle on Tuesday announced that it has launched a global financial-services business unit, using its investment in banking-application company I-flex Solutions to consolidate its future and current acquisitions in the financial-services software industry.

The unit, which will be headquartered in New York, will be headed by Rajesh Hukku, chairman of I-flex. The unit will include such financial-services applications as I-flex's Flexcube and Reveleus, as well as software from Oracle.