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i-Technology News Oracle Buys Majority of India Software Company for $909 Million
I-Flex Solutions Programs Focused on Banking Industry
By: Oracle News Desk
Aug. 2, 2005 01:00 PM
Oracle has announced an agreement to buy Citigroup's 41% equity interest in i-flex. Oracle also announced an open offer to purchase up to an additional 20% ownership interest in i-flex. Following regulatory clearances, Oracle is expected to become the majority shareholder of i-flex through these transactions. i-flex will continue to operate under current management and remain a publicly traded company. i-flex customers and partners are encouraged to continue using existing contacts for support, professional services and sales to address your ongoing needs. This transaction underscores Oracle's commitment to the business critical functions of the banking industry, the company says, "and is a strong endorsement of i-flex's success and tremendous growth. By aligning the talents of both organizations, we will be better able to address the evolving needs of the banking industry."
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