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Oracle flexes muscles with Indian buy

Database giant completes purchase of major stake in Indian banking-software company I-flex Solutions.

Oracle has completed its purchase of a major stake in Indian banking-software company I-flex Solutions, the companies said Wednesday.

Under the deal, announced in August, Oracle has acquired Citigroup Venture Capital International's stake in the enterprise applications company. This gives Oracle a 43 percent total stake in I-flex.

Oracle's purchase of the I-flex stake marks its latest effort to delve deeply in specific industries, which has included the buyout of retail software maker Retek and logistics and transportation software vendor G-Log.

I-flex develops analytical software for the banking industry and offers related professional services. Its products include Flexcube, a Web-based applications bundle designed to automate tasks from retail banking to bill payment.

I-flex, based in Mumbai, India, will continue to operate as an independent company and has appointed Oracle Co-president Charles Phillips to its board of directors.