Polaris software lab aiming to generate $100mPosted on Tuesday, August 2, 2011 - 20:21 pm
Financial Technology company Polaris Software Lab is aiming to generate revenue of USD 100 million in the next five years from their latest offering "FT-Grid" which was formally unveiled today.
The Financial Technology (FT) Grid would help Chennai-headquartered Polaris Software offer its infrastructure and banking products on a "pay-per-use model" 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 told reporters after formally unveiling the service.
Stating that the service was expected to be available to customers just like how individuals get power from an electric grid, he said their customers-- predominantly banks-- can use the service in 60 days after they apply 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.
Through this service clients can generate revenue of re one per week per customer, he said.
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 said their first variant -- FT Grid 7010 -- would be for Core Banking solutinos 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.
IdenTrust CEO Karen J Wendel said this was her company's first association with a firm that specialises in Financial Technology.
"While Polaris is the pioneer in financial technology, IdenTrust is the pioneer of the Identity Management solutions", she said.
To a query, Arun Jain later said the company was in the process of signing up with three banks in India to offer this service initially.
Right now the company was in talks with Andhra Pradesh Co-operative Bank, one bank from America and another Cooperative Bank in Kerala.The service was already being offered in Deutche Bank, Germany, he said.
About their flagship "Intellect GUB" platform which the company launched six years ago, he said they have invested Rs 400 crore in Intellect UBS platform and expecting it to generate more than USD 120 million business this year.