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Rediff News  All News  » Business » Ghaisas quits i-flex to start new venture

Ghaisas quits i-flex to start new venture

August 11, 2008 12:10 IST

Deepak Ghaisas plans to start a new venture in the knowledge industry with a global business model after resigning from i-flex solutions (part of Oracle now), sources close to the development said.

Ghaisas resigned as the whole time director and company secretary of i-flex, said the company's announcement on the Bombay Stock Exchange. Ghaisas was not available for a comment.

Ghaisas joined i-flex as the chief financial officer for its global operations in 1993. In 1997, he donned the role of the chief executive officer (India operations), in addition to being the CFO. Since then he has been the public face of the company in India.

Ghaisas currently holds less than 1 per cent of shares in i-flex, which according to market sources, is estimated to be around Rs 40 crore (Rs 400 million).

He along with the founder Rajesh Hukku and R Ravisankar were instrumental in the growth of i-flex. After the acquisition of i-flex by Oracle around three years back, Ghaisas continued to be a part of the growth story. "There will not be any major impact as Oracle is a huge company.

However, in terms of getting deals he was the comfort factor between the company and the client and has been active in negotiation deals," said a source. Oracle owns 80 per cent of the shares of the firm.

As a part of the integration process of i-flex, Oracle had announced the formation of a new business unit called Financial Services Global Business Unit to further its presence in the financial services-specific applications market.

While Rajesh Hukku, the incumbent CMD of i-flex heads the Oracle FSGBU as the general manager, Ravisankar, i-flex' CEO for International Operations and Ghaisas, CEO, i-flex (India Operations) and CFO joined the Oracle FSGBU management team.

Earlier this year, i-flex was renamed as Oracle Financial Services Software.

BS Reporter in Mumbai