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Oracle Buys Majority of India Software Company for $909 Million
I-Flex Solutions Programs Focused on Banking Industry

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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Oracle News Desk trawls the world's news information sources and brings you timely updates on Oracle and its ever-expanding enterprise software portfolio, including its entire range of tools for managing business data, supporting business operations, and facilitating collaboration and application development.

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Oracle continues its recent buying binge with news of the potential buyout of a majority of shares in India's i-Flex Solutions. The deal will strengthen Oracle's position in the banking industry.




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