Oracle Closes Purchase of Citigroup’s Interest in i-flex solutions
Oracle President Charles Phillips Joins i-flex Board of Directors.
REDWOOD SHORES, CALIF. 14-DEC-2005 Oracle today announced that it has completed its acquisition of Citigroup’s interest in India’s largest applications software company, i-flex solutions (Bombay Stock Exchange: IFLX.BO and National Stock Exchange of India: IFLX.NS). Oracle now owns approximately 43 percent of the outstanding shares of i-flex. Charles Phillips, Oracle President, has joined the i-flex board of directors.
“Oracle’s investment in i-flex will enable us to deliver unprecedented value to the financial services industry. There is simply no other combination of companies that can provide a more strategic solution to the financial services industry than Oracle and i-flex,” said Oracle President, Charles Phillips. “Our strategic relationship includes sales, research and development, service and support.”
“Mr. Phillips is a strong and very welcome addition to the i-flex board of directors,” said Rajesh Hukku, i-flex solutions Chairman and Managing Director. “We will continue to operate as an independent, listed company. And, our strategic alignment with Oracle enables us to deliver a differentiated solution that addresses many of the issues that have challenged the industry in the areas of product and service delivery and individualized customer service.”
Software products from i-flex support corporate banking, consumer banking, investment banking, Internet banking, asset management, investor services and insurance. i-flex has provided software and services to 595 customers in 119 countries. i-flex applications have been optimized for Oracle’s technology platform since 1997, with over 90 percent of i-flex customers currently running on Oracle technology. The i-flex portfolio of software products includes FLEXCUBE(r), the world’s top-selling core banking solution; Reveleus(tm), an advanced business analytic application; and Daybreak(tm), an enterprise consumer-lending suite. In addition, the i-flex PRIMESOURCING offering provides a comprehensive range of software, consulting, development and support services, differentiated by deep domain expertise. i-flex is headquartered in Mumbai, India, and employs more than 6,200 people worldwide.
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About i-flex solutions
i-flex solutions (Reuters: IFLX.BO and IFLX.NS) is a world leader in providing IT solutions to the financial services industry. For more information about i-flex, visit the i-flex Web site at http://www.iflexsolutions.com.
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