FIN-SIG Blog: Oracle and i-flex

FIN-SIG Blog

The OAUG Financial Services Industry Special Industry Group ( FIN-SIG) is affiliated to the Oracle Applications Users Group (OAUG) and is not part of Oracle Corporation. The FIN-SIG shall fill a gap for a common forum and support/ resource base for all new and existing Oracle Applications users who operate in the space commonly called Financial Services Industry and also users who have interest in the specific packaged application software provided by Oracle Corporation to meet specific business needs of the Financial Services Industry

Tuesday, August 02, 2005

Oracle and i-flex

On August 2, 2005, Oracle 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, 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.

Follow this link to track details on this transaction:

http://www.oracle.com/iflex/index.html