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Comment: Oracle Acquisition Shakes Up Core Banking Market - The Software Behemoth's Purchase Of Core Banking Systems Provider I-flex Is A Vote Of Confidence In A Fast-growing Sector.(Brief Article)
- Article from:
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The Banker
- Article date:
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September 1, 2005
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Copyright informationCOPYRIGHT 2005 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The core banking marketplace has been ignited with the news that software giant Oracle is to purchase a controlling stake of systems provider i-flex from Citigroup, ending a 20-year relationship between the bank and the vendor.
The deal, worth up to $316m, nails Oracle's colours to the i-flex mast in a hotly contested market.
Oracle's major competitor in the enterprise application space, SAP, has been active in the core banking area for more than eight years and offers its own solution (see the 'Core Banking' supplement in this issue) and Oracle's challenge will surely spark concern.
i-flex had the largest number of new system sales (36) in 2004, according to the ...
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