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. Oracle President Charles Phillips 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, the world's top-selling core banking solution; Reveleus, an advanced business analytic application; and Daybreak, 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.