PE fund Parallax buys Polaris' US arm IdenTrust

Company in 2011 acquired 85.3% equity stake in Iden Trust Inc

US-based private equity fund Parallax Capital Partners, LLC, has bought Chennai-based Polaris Financial Technology Ltd’s US arm Iden Trust, Inc. The Chesapeake Group, a technology and outsourcing services focused investment banking boutique, announced on Friday it had acted as exclusive financial adviser to the deal.

The size of the deal was not disclosed and Polaris representatives did not respond.

IdenTrust Inc is engaged in the business of trusted identity solutions and digital identity authentication services based in the United States.

According to Polaris annual report, during 2012-13 the company received an order from the Committee on Foreign Investment in United States, that the business of IdenTrust was critical to US security infrastructure and, therefore, ruled that the company must be controlled by a US management and imposed certain restriction on its operations.

Pursuant to this, the company decided to sell its investment in IdenTrust.