Oracle invests US $125 million to aquire most of i-flex

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By  Published  August 31, 2006

Oracle is set to invest US $125 million in India-based I-Flex solutions. The money will help fund the company’s growth, including its pending acquisition of Mantas, Inc.

Completion of the deal, which is expected to ba ratified on September 12, will see Oracle’s ownership in I-Flex increase from the current 52.5% to 55.1%.

Under Indian business law, approval of the deal will require Oracle to make an open offer for an additional 20% of the company’s shares.

“We have enjoyed a long, highly successful partnership with Oracle,” said Rajesh Hukku, chairman and managing director of I-Flex solutions. “Together, we can offer integrated solutions across the front, middle, and back office.”

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