Oracle to Control Indian Banking Software Firm

Oracle to Control Indian Banking Software Firm

US business software giant Oracle Corp. said it was buying a controlling stake in Indian firm i-flex solutions for just over USD 900 million.

Oracle’s overall application strategy is to go beyond ERP and offer customers richer industry-specific functionality.

Oracle president Charles Phillips will join the i-flex board, but the company will otherwise retain its Indian management team, Oracle said.

The Mumbai-based i-flex, which employs more than 5,500 people worldwide, specialises in providing software and services to banks globally.

In accordance with Indian company law, Oracle will launch a tender for an additional 20 percent of i-flex shares, worth a total of USD 316 million, and plans to wrap up the deal by the end of the year.

“We have enjoyed a long, highly successful partnership with Oracle, and this transaction will be a logical evolution of our relationship,” i-flex managing director Rajesh Hukku was reported to have said.

He also added, “Aligning with Oracle, we can jointly offer an unmatched value proposition to our global customers with truly integrated solutions across the front, middle and back office.”

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