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i-flex founders to make an exit
By siliconindia
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Saturday, 09 August 2008, 00:49 IST
Mumbai: After staking their independency for three years, the Oracle acquired i-flex solutions' founders Deeepak Ghaisas, R Ravisankar, and Rajesh Hukku are set to step out of the company. "Now that i-flex has been integrated with Oracle, they don't have the same independence as before. Everything is dictated by Oracle's policies," a source said to Economic Times.
Rajesh Hukku initially was the CEO of i-flex and later managed the firm as its Chairman and Managing Director (MD). Deepak Ghaisas was the CEO of the India operations and the CFO of the company while Ravisankar, who was also a part of the initial founding team, was based in the U.S., overseeing the firm's international operations.
Oracle, according to the revised version of 2007, has around 83 percent of stake in i-flex. The software company acquired this Citi group captive through gradual purchasing of stakes through open market purchases after the initial acquiring of the 41 percent of stakes from the venture group.
