In a statement i-flex says the move reflects its "close strategic and operational alignment" with parent company Oracle, which holds a 81% stake in its business.

But the name change is still subject to regulatory and shareholder approval.

I-flex says it will continue to be run by the current management team, led by CEO and managing director NRK Raman.

Commenting on the name change, Raman says: "The new identity will enable us to better leverage the global reach, infrastructure and brand visibility of Oracle to accelerate our growth."

Charles Phillips, president, Oracle and director, i-flex, adds: "The new branding reflects the importance that Oracle attaches to the financial services sector."

Last year Oracle revealed plans to establish a business unit focused on developing applications for the financial services industry, to be headed by Rajesh Hukku, who was then current chairman and MD of i-flex.

Oracle said the new unit, headquartered in New York, would centralise and coordinate its financial services software products and serve as a vehicle for future acquisitions.

The new division bought together i-flex's applications - including Flexcube, Reveleus, Mantas, DayBreak and Insure3 - with Oracle's product suite.

In a separate move the i-flex board has approved the acquisition of the 60% stake the vendor doesn't already hold in Flexcel International.

I-flex will buy 3.1 million equity shares at Rs10 apiece in Flexcel.

The vendor teamed with India's HDFC Bank to establish Flexcel, which provides i-flex systems to smaller banks on an ASP basis.