Polaris buys 50-acre facility

Polaris Software Lab Ltd, a financial technology company today announced the acquisition of a 50-acre facility owned by Catalytic Software Ltd, (CSL) Hyderabad; principal shareholder of CSL being Catalytic Software, Inc. headquartered in Seattle. The company has said this will be the launch of first phase of The School of Financial Technology.

In a release, the company said that it has bought CSL’s assets as a 100 per cent cash buyout, and the facility will be utilised as a residential Talent Development centre and for expansion of its ODCs (Offshore Development Centre). Company officials declined to share acquisition cost.

“We realise that continuous training and skill upg-rade of human resources assumes critical importance towards absorption of new technologies. With the banking sector increasing in scale and complexity, there is a huge demand for trained manpower as well as a new genre of management professionals to meet the emerging challenges.

The School of Financial Technology aims at generating over 1,000 highly skilled ‘techno-bankers’ a year for Polaris’ growing needs to service its Top Global 50 accounts,” said in the company’s release.

Arun Jain, chairman and CEO, Polaris Software, said the gap between demand and supply for skilled manpower has always been a concern for the entire IT industry and this gap increases further when it comes to specialised domains like financial technology. To bridge this gap and to enhance the level of our global delivery and efficiency, we made this strategic investment. We are very excited on the prospects of the new centre in Hyderabad and bullish about its output in terms of skilled, he said in a press statement.