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| Polaris mulls expansion in Europe; possible hub Sweden |
| Press Trust of India / Stockholm Sep 21, 2009, 13:39 IST |
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India's financial technology firm Polaris Software Lab is planning to expand its footprint in the European markets beyond continental Europe and Sweden could be the base to cater to the large untapped region.
"We are interested in expanding our European market base and we see Sweden as a potential hub to cater to the northern, central and eastern Europe," Polaris EMEA Chief Operating Officer Chander Singh said.
Polaris is considering joint venture alliances with local service providers, system integrators and others to be able to serve large customers in Sweden and other Baltic and Nordic countries.
"In the next three years, revenue from Sweden and nearby Baltic countries and other Nordic nations should increase four-fold to be in the range of $10 million to $15 million," Singh said.
The company, which earned $300 million revenue last fiscal, gets 85 per cent of its revenue from the banking, financial services and insurance (BFSI) vertical.
Polaris earns one-third of its revenue from the Europe- Middle-East-Africa (EMEA) region and expects to add up to 20 per cent of its revenue from Europe through the expansion planned.
"In 2 to 3 years' time, if we set up our operations very strongly in this region we should be able to add 15-20 per cent of our total BFSI revenue from this particular part of the world," he said.
Sources inform that the company already has Swedish bank SEB as its client and is in talks with several other banks in the north European country including some non-BFSI companies.
Polaris, which recently acquired US-based insurance product and component services company SEEC Inc, said it is considering further expansion in the insurance sector possibly through acquisition.
"We are interested in expanding our horizon into the insurance sector and if there are companies which are working in that segment we will be interested in acquiring them," Singh said.
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