Fergie's Tech Blog

Oracle buys stake in Indian banking software firm

Mike Ricciuti writes in C|Net News:

Oracle has acquired a majority stake in Indian banking software company I-flex Solutions, the database giant said Tuesday.

Redwood Shores, Calif.-based Oracle said it is acquiring Citigroup Venture Capital International's 41 percent ownership stake in I-flex. Reports circulated last week that Citigroup's private equity arm had been looking to sell its stake in I-flex, which was valued at roughly $650 million. Oracle did not provide details of the transaction.

Oracle said the current I-flex management team will continue to run the company and will align its product development, sales, marketing and services activities with those at Oracle. The I-flex service organization will continue to work with major banks around the world. Charles Phillips, an Oracle co-president, will join the I-flex board, and I-flex stock will continue to trade on the Bombay Stock Exchange and the National Stock Exchange of India. I-flex provides software and services to 575 banks in 115 countries.

posted by Fergie @ 8/02/2005 06:27:00 AM