Oracle Financial Services (OFSS) is a subsidiary of Oracle Corporation that provides software and services for banking and financial institutions. It was formerly known as i-flex Solutions Limited and was founded in 1991 by Rajesh Hukku, a software engineer from India.

In the early 1990s, the Indian banking sector was undergoing a period of deregulation and rapid growth. Hukku saw an opportunity to develop software solutions for banks that would improve their efficiency and profitability. He started i-flex Solutions with a team of six engineers, and the company's first product was a real-time gross settlement system for the Reserve Bank of India.

Over the next few years, i-flex Solutions expanded its product portfolio to include solutions for core banking, treasury, risk management, and payments. The company also started expanding internationally and set up offices in the United States, Europe, and Asia Pacific.

In 2003, i-flex Solutions went public on the Bombay Stock Exchange and the National Stock Exchange of India. The initial public offering was oversubscribed by more than 40 times, making it one of the most successful IPOs in Indian history.

In 2005, Oracle Corporation acquired a controlling stake in i-flex Solutions for $909 million. The acquisition gave Oracle access to i-flex Solutions' core banking software, Flexcube, which was widely used by banks in Asia, the Middle East, and Africa. Oracle also saw the acquisition as an opportunity to expand its presence in the financial services industry.

After the acquisition, i-flex Solutions was renamed Oracle Financial Services Software Limited. The company continued to develop software solutions for banks and financial institutions, and in 2010, it was listed on the New York Stock Exchange.

Today, Oracle Financial Services has a global presence, with offices in more than 50 countries. The company's software solutions are used by over 900 financial institutions in more than 140 countries.

In conclusion, Oracle Financial Services (formerly i-flex Solutions) was founded by Rajesh Hukku in 1991 with the aim of providing software solutions for banks and financial institutions. The company developed a range of products for core banking, treasury, risk management, and payments, and expanded internationally in the 1990s and early 2000s. In 2005, Oracle Corporation acquired a controlling stake in the company and renamed it Oracle Financial Services Software Limited. Today, the company has a global presence and provides software solutions to over 900 financial institutions worldwide.