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Oracle to buy stake in Indian software company

By Derek Sooman

On August 2, 2005, 12:13 PM

Oracle Corp. announced this morning that it plans to buy a majority stake in i-flex solutions Ltd., India's largest applications business. The deal, worth an estimated $909 million, will see Oracle acquire 41 percent of the company's outstanding shares from its current owner, Citigroup Venture Capital International.

"The inevitable transition from legacy systems to modern applications has created a multi-billion dollar opportunity," Oracle's co-president Charles Phillips said in a statement. "Because no single supplier has been able to meet customer needs, the banking software market is highly fragmented. Customers have been looking for a Tier 1 software partner to help modernize their systems and lower their maintenance costs."

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