Oracle is increasing its stake in Indian software firm i-flex from 52.5 per cent to 55.1 per cent.

The database giant will pay $125m for 4.45m shares in i-flex.

In turn, i-flex will use most of the money to pay for its acquistion of US firm Mantas which makes behaviour detection software to help banks counter money laundering.

The deal is subject to the usual shareholder and regulatory approval.

Under Indian law Oracle must actually offer to buy up to 20 per cent of outstanding shares. It is being advised by DSP Merrill Lynch. ®

Related stories

• OpenWorld Oracle releases 11g database beta (23 October 2006)
• Indian data theft 'exposed' (5 October 2006)
• Rattled SAP bites back at Ellison (20 September 2006)
• Multinationals test small town Indians (1 September 2006)
• Comment IBM moves further into applications (9 August 2006)
• Oracle opens embedded business unit (1 March 2006)
• Bank on us Oracle tells I-flex customers (2 August 2005)
• Oracle sends up the Red Flag (12 May 2003)