Polaris Software eyes Rs 440-cr revenue in 5 yrs

Financial Technology company Polaris Software Lab is targeting a revenue of Rs 442 crore ($100 million) in the next five years from its latest offering FT-Grid, which was unveiled today.

The Financial Technology (FT) Grid would help the Chennai-headquartered firm to offer its infrastructure and banking products on a "pay-per-use model" basis to banks and financial technology institutions.

"It is a moment of pride for me as we are launching the FT Grid which we dreamt of in 2003," Polaris Software Lab Chairman and CEO Arun Jain said.

He added that their customers-- predominantly banks-- can use the service within 60 days of applying for it. The service would be offered in multiple languages including Hindi, Tamil, Telugu, and Bangla.

"Our investment is close to Rs 100 crore in this platform which requires lot of infrastructure development," he said, adding that "through this service clients can generate revenue of Re 1 per week per customer".

The firm has entered into a three year MoU with US-based IdenTrust and IT major IBM for offering the service. IdenTrust would secure the solution on the cloud platform, while IBM would be the technology partner, Polaris Software Lab Executive Vice-President (FT Grid) Jaideep Billa said.

He added that their first variant "FT Grid 7010" would be for Core Banking solutions which would be available for India, Bangladesh, African countries and Vietnam while "FT Grid 8010" would be for capital markets serving particularly in Europe.

The third offering "FT Grid 9010" would be offered for corporate banking solutions in developed markets like United States, Canada and Australia.