Chennai-based software major Polaris has announced plans to completely acquire Indigo Tx Software Private Limited, a software as a service (SaaS) player. The company, in March 2010, had acquired 51 per cent equity shares of Chennai-based IndigoTx Software.
Polaris Software Lab has signed an agreement to acquire the balance 49 per cent equity shares of Indigo Tx from its shareholders subject to completion of legal formalities, it informed the exchanges. It did not reveal the terms of transaction for acquisition of the rest of the 49 per cent shares.
Meanwhile, the company has changed its name to Polaris Financial Technology Ltd to reflect the growth it has made in the financial technology software segment over the years. “The name ‘lab’ was used when we were developing products. The company has grown and built up complex portfolio of products and services in financial technology. This is no longer a lab, but a full-fledged financial technology firm,” said Arun Jain, chairman and CEO of Polaris.
