Oracle Financial Services Software net up 7%

Oracle Financial Services Software (formerly known as i-flex), reported net income of Rs 93.4 crore for the second quarter up 6.8 per cent as compared to Rs 87.4 crore in the corresponding quarter in the previous year.

Revenue for this quarter grew 23 per cent to touch Rs 707.4 crore as compared to Rs 575.8 crore for the corresponding quarter last financial year.

Sequentially, the net income of the company dropped 11.5 per cent from Rs 105.6 crore--but revenue were up 11.8 per cent from Rs 631.8 crore.

The company signed new license fees of $27.4 million in the quarter and added 16 new customers across product and services business spanning across multiple geographies.

“Our past investments have helped grow products license fees by 55 per cent, compared to the same period last year. The overall revenue stream is well diversified geographically. The combination of domain knowledge and technology leadership of Oracle allows us to address banks’ current and future needs in ways that no other vendor can,” said N R K Raman, Managing Director and CEO, Oracle Financial Services Software Limited.

Source: www.business-standard.com

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Oracle told by judge to offer to settle with SAP

BOSTON (Reuters) - A U.S. federal judge told Oracle Corp to propose a financial settlement in a lawsuit that the software giant filed against rival SAP AG in which Oracle has claimed that damages may top $1 billion.

Oracle filed the claim against the German software maker in March 2007, accusing SAP's U.S.-based TomorrowNow services unit of illegally using customer log-ins to steal copyrighted materials from Oracle's website.

Federal Judge Joseph Spero asked Redwood City, California-based Oracle to tell SAP how much money it wants to settle the case by February 13. The German software maker will have until February 18 to come up with a counter offer, according to the order that was issued in the U.S. District Court in San Francisco on Monday.

Oracle spokeswoman Deborah Hellinger declined comment. SAP spokesman Saswato Das said his company would cooperate with the court's request.

California courts regularly require parties in civil lawsuits attempt to settle before they go to court.

SAP had disclosed in July 2007 that TomorrowNow employees made "some inappropriate downloads" of materials from Oracle's website.

But SAP officials have repeatedly declined to elaborate on that comment, saying the facts will be reviewed by the court.

SAP is in the process of shutting down TomorrowNow after an unsuccessful bid to sell the company.

(Reporting by Jim Finkle, Editing by Ben Tan)

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Oracle joins patch party

Company issues 36 security fixes. Oracle has issued a massive security update for twenty of its enterprise computing offerings.

The update encompasses all supported copies of Oracle Database, Application Server, E-Business Suite, People Soft Enterprise, JD Edwards, WebLogic Server and Workshop for WebLogic.

Fifteen of the security patches address issues in the company's flagship Database software. Only one, however, would allow an attacker to remotely access a database system without authorization. The update will not need to be installed on machines running the client version of the database software.

The remainder of the security patches were distributed evenly amongst the other applications. Included in the update are fixes for a pair of remotely-exploitable flaws in Application Server and two in the E-Business Suite offering.

The company is strongly recommending that administrators apply the updates as soon as possible in order to avoid a potentially serious attack or data leak.

Oracle's patch release could lead to a busy week for IT departments. The release of the Oracle update comes just one day after Microsoft issued the October edition of its monthly security update which included critical fixes for Windows, Office and Internet Explorer.

Author: Shaun Nichols @ www.vnunet.com

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