Monday, August 14, 2006

Oracle Invests $125M in Indian IT Services Firm

Redwood Shores-based Oracle said today that it is investing $125M in i-flex solutions, an Indian provider of IT services to the financial services industry. Oracle said that the preferential allotment in the firm, which is traded on the Bombay Stock Exchange, will be used to fund growth initiatives and the pending acquisition of Mantas. i-flex today announced it was acquiring Herndon, VA Mantas, for $122.6M. Oracle had acquired Citigroup's 41% equity interest in the firm for $593M last last year. i-flex provides IT services and software to the financial and banking industry.