Oracle and i-flex Could Shake Up Offshore Services

Today - 2 August 2005, Oracle announced that it will acquire Citigroup's 41 percent stake in i-flex solutions, an Indian vendor of offshore services for the financial services industry, and offered to buy an additional 20 percent of i-flex's stock.
After the closing, scheduled for 4Q05, i-flex will continue as a separate, publicly traded entity.