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Oracle Corp is acquiring up to 61 per cent stake in i-flex Solutions Ltd in a $909-million (Rs 3,952 cr) deal. Oracle expects to pay $593 million for Citigroup Venture Capital International's 43 per cent stake (41 per cent on a diluted basis) at Rs 800 per share and $316 million for an additional 20 per cent stake, which it plans to acquire from the public through an open offer at Rs 882.86 per share. i-flex will become Oracle's listed subsidiary in India

i-flex has a customer base of 575 banks spread across 11 countries. The company has an employee base of close to 5,500 people globally.

"i-flex is the hottest software company in the banking industry, signing more new customers than any other banking software company in each of the last three years," said Oracle CEO, Mr Larry Ellison in a press release. "Banking is a strategic industry for Oracle with 9 out of the top 10 banks already running Oracle ERP applications. Oracle's overall application strategy is to go beyond ERP and offer customers richer industry-specific functionality. i-flex gets us there in banking."

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