plans to buy a majority stake in India's largest applications software company,
, a Mumbai-based firm with more than 5,500 employees worldwide.
Software from I-Flex is used in corporate banking, consumer banking, investment banking, asset management and investor services. The company has provided services to 575 banks in 115 countries, Oracle said.
Under the terms of the agreement, Oracle will acquire Citigroup Venture Capital International's 41% stake in I-Flex. As required by Indian law, Oracle will make an open offer beginning around Aug. 3 to buy an added 20% of the company's shares.
The total cash price for the acquisition will be about $316 million if the entire 20% interest is tendered in the offer.
Oracle expects to close the deal by the end of the year. The current I-Flex management will continue to run the company.