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| Polaris setting up centres in Egypt, Chille, Vietnam |
| BS Reporter / Chennai Jul 17, 2009, 00:59 IST |
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Chennai-based financial services technology company, Polaris Software Lab, on Thursday said that the company had received eight proposals for its proposed acquisition plan from Europe and within India. Meanwhile, as part of its expansion plan, the company is setting up development centres Egypt, Chille and Vietnam with an investment of $5 million during this year.
After addressing the shareholders at the company’s annual general meeting in Chennai today, Arun Jain, founder and chairman of Polaris Software Lab, told Business Standard that the company was looking at acquisition opportunities as part of its expansion plan. “So far, we had received eight proposals from Europe and within India. We will pick up three of the eight,” he added.
It may be noted that the company recently acquired US-based SEEC, an insurance technology company. The acquisition brought companies like Allstate, Prudential and New York Life Insurance to Polaris’ basket.
“We are still looking at more acquisition opportunities,”said Jain. He declined to comment on the valuations.
Meanwhile, the company is setting up development centres in Egypt, Chille and Vietnam with an investment of around $5 million. The company is looking at hiring around 50 people in each centre, said Jain. “Already, we had acquired two customers in Egypt and two customers in Vietnam,” he added.
Around 200 customers are connected with the company’s technology as on March 2008-09, said Jain.
Commenting on Intellect, the company’s brand, he said since 2005 the brand’s revenue has grown to Rs 241 core and currently contributes 18 per cent to company’s turnover. Intellect is currently running in 15 countires and the company plans to take it to 50 more countries over the next five years, said Jain.
Speaking about the company’s subsidiary, Polaris Retail Infotech, he said the company had set a target to increase its revenue by 50 per cent from Rs 10 crore by foraying into new countries in West Asia and Asia Pacific.
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