Oracle Corp. announced Thursday that it has formed a unit to focus on banks, insurance companies, and capital markets firms.
The Redwood City, Calif., database company said the financial services global business unit will be based in New York and will offer an integrated suite of industry-specific applications.
Oracle named Rajesh Hukku as the unit's senior vice president and general manager. He will oversee 12,000 employees and 300 products. He is also the chairman and managing director of i-flex solutions ltd., the Mumbai core processing vendor majority owned by Oracle.
In recent years Oracle has acquired a number of technology vendors, including Siebel Systems Inc., a San Mateo, Calif., maker of customer relationship management software, and PeopleSoft Inc. of Pleasanton.
Also Thursday, Oracle announced it has started offering Process Integration Pack for Banking Account Origination, providing integration between Siebel CRM and i-flex's Flexcube application. The company also said that Flexcube is now certified to work with Oracle Fusion middleware.
The Fusion technology uses Business Process Execution Language to allow Oracle's disparate applications to work with one another.