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Our Bureau

Bangalore , Nov. 30

Contrary to expectations, Oracle's acquisition of 55 per cent stake in i-flex Solutions Ltd has not yet translated into significant business growth for the latter. However, i-flex Solutions remains optimistic.

The CEO of i-flex's Indian operations, Mr Deepak Ghaisas, told newspersons that he saw strong traction coming from the sales team of Oracle.

Oracle had acquired Citigroup's 42.41 per cent stake in i-flex last year and had subsequently increased its stake through open market purchases. At present, Oracle owns around 55 per cent stake in i-flex and has made an open offer for 20 per cent more at Rs 1,475 per share, which has been delayed.

"Oracle hasn't started showing that impact on the core-banking side of the business. But in the case of Reveleus, Oracle has helped us clinch Wachovia Bank as a customer," he said. Reveleus is i-flex's risk management solutions portfolio.

Training programmes

Further, Mr Ghaisas said the training programmes were still going on. "We are still going through the programme of `go to market'. But clearly we are seeing strong traction of sales team from Oracle," Mr Ghaisas said.

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