Enterprise software and database company, the $12bn Oracle, which is the second largest company in the world after Microsoft, is buying out Citigroups 41% stake in Mumbai- based banking software company i- flex Solutions. By this Oracle will get a foothold in the $80bn global core banking software market. The buyout is at Rs 800 per share, amounting to nearly Rs 2,476 crore. Oracle is making an offer at Rs 882 a share for the remaining 20% to public shareholders, amounting to Rs 1,323 crore.
Oracle president Charles Phillips will join the i-flex board as a representative of Oracle. I-flex will run as a separate company and will not consolidated with the local development centres of Oracle. The current of i-flex team will continue to run the company and will align product development, sales, marketing and service activities with oracle. I-flex stock will continue to trade on the BSE and NSE. |
