Oracle in talks to buy Citi stake in i-flex

By agencies   |   Monday, 25 July 2005, 07:00 Hrs
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MUMBAI: Oracle is in talks with the Citi group to buy out its majority 44 percent stake in software products and services company i-flex solutions.

If the talks materialize, the acquisition will give Oracle an instant access to core banking solutions and services business. i-flex's main product Flexcube is the largest selling core banking solutions product.

Based on i-flex's Friday closing price of Rs 920, the 44 percent stake acquisition can cost Oracle Rs 30 billion. Besides, a 20 percent mandatory open-offer will cost Rs 13.70 billion. The i-flex stock has gained nearly 20 percent in the past one month.

The Oracle spokeperson was unwilling to comment on the issue, while a Citi group spokesperson declined to 'comment on speculation.' i-flex executives did not respond either.

Oracle is a leading player in the ERP solutions space. The company has two development centers in India - one each in Hyderabad and Bangalore - apart from six sales and marketing offices spread across the four metros and the two tech cities.

The company carries out software development work apart from providing support to its global clients from India. Oracle India has a market share of about 60 percent in database, and around 8 to 9 percent in business applications.

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