Polaris Consulting & Services Limited

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Polaris Consulting & Services Limited
Public
Traded as
Founded 1993; 25 years ago (1993)
Headquarters Chennai, India[1]
Area served
Worldwide
Key people
Kris Canekeratne (Chairman)
Services Business consulting, IT Services and Business process outsourcing
Revenue US$315 million[2]
US$19.53 million[2]
Number of employees
18,500[3] (2017)
Subsidiaries
  • Polaris Enterprise Solutions Limited (PESL)
  • NMS Works Software Private Limited
  • Sonali Polaris FT Limited
Website www.virtusa.com

Polaris Consulting & Services Limited[4] (BSE532254 ; NSEPOLARIS), formerly Polaris FT, is a provider of financial technology products, legacy modernization services and consulting for core banking, corporate banking, wealth & asset management and insurance.[5] Virtusa is the market facing brand of Virtusa Corporation and Polaris Consulting & Services Limited.

History

Polaris has its origins in Nucleus Software,[6] founded by Arun Jain, now Chairman and Managing Director of Intellect Design Arena, a software products enterprise in the financial technology space.

Polaris Consulting & Services Limited was incorporated in 1993 by Mr.Ravi Dehariya (Jabalpur Dist). It was one of the first vendors that Citi Group chose to partner with, when it entered India.[7] Simultaneously, Citigroup started its own company called COSL (Citibank Overseas Software Ltd) to utilize the intellectual capital at a competitive cost in India. COSL, later renamed as Orbitech, was then merged with Polaris. In 2003, Polaris launched its core product portfolio, IntellectTM. In November 2011, the organization changed its name from Polaris Software Labs Limited to Polaris Financial Technology Limited to highlight its primary domain of operation.[8]

On 3 March 2016, Virtusa Corporation acquired a majority stake in Polaris Consulting & Services Limited. VirtusaPolaris is the market facing brand of Virtusa Corporation and Polaris Consulting & Services Limited. [9]

Operations and global offices

Polaris is headquartered in Chennai and has offices around the world.

In April 2013, Polaris launched its 8012 FT Design Center - the world's first Center dedicated to Financial Technology. 8012 FT Design Center is spread over 30,000 sq. ft and is located in the 22 acre Polaris campus on the IT Highway in Chennai.[10]

Milestones

  • 1993: Polaris Software Lab Ltd. incorporated [11]
  • 1994: End-to-End Retail banking solution for Citi Bank India [12]
  • 1996: Operations set up in USA
  • 1997: First Overseas Development Centre commissioned for CITI Bank[citation needed]
  • 1999: Initial Public Offering over-subscribed by 21 times [13]
  • 2003: Merger with OrbiTech (Citigroup Subsidiary)[14]
  • 2006: Near Shore Centre inaugurated in Belfast [15]
  • 2006: Entry into Latin America [16]
  • 2008: Acquired SEEC Inc, a SOA based insurance provider[17]
  • 2009: Acquired Laser Soft Info Systems Limited, a banking software company[18]
  • 2010: Acquired IndigoTX, a SaaS Company that provides GO TX brokerage platform[19]

Subsidiaries

Apart from the Polaris Financial Technology Limited’s global subsidiaries, the company has the following Subsidiaries and Associate companies:

  • Polaris Enterprise Solutions Limited (PESL) - a 100% subsidiary of Polaris Financial Technology incorporated in India, is a leading technology provider in Retail, Manufacturing, Logistics & Distribution, Telecom & Media and Travel Industry.[20]
  • NMS Works Software Private Limited (NMS) - NMS is primarily engaged in the business of designing network management in Telecommunication and Internet Services.[21]
  • Sonali Polaris FT Limited - Polaris FT has entered into a JV agreement with Sonali Bank to implement online real time core banking solution for Sonali bank and Bangladesh commerce bank, and offer services to other banks and financial institutions in Bangladesh. Accordingly, the Company has incorporated a subsidiary company with 51% holding, named Sonali Polaris FT limited in terms of the JV agreement.[22]

Education and Training

Nalanda, the Corporate University of Polaris is aimed at bringing the core of organizational processes together through learning and development initiatives that would enable associates to reach out to the latest modules and approaches to organizational learning.[23]

Polaris' School of Financial Technology (SoFT) aims creating skilled associates to service its premier clients.[24] It will offer certificate courses at both the ‘primer’ and ‘practitioner’ levels, executive fast-track modules in Retail Banking, Core Banking, Investment Banking and Corporate Banking as well as customized enterprise training workshops. The facility is located in Hyderabad.

Controversies

  • In December 2002, The chairman of the company Arun Jain and Sr Vice President Rajiv Malhotra were detained by Indonesian police over commercial Dispute with a local bank Artha Graha on fraud charges.[25] Jain and Malhotra were released by the police after major diplomatic intervention by Indian government.[26]
  • In October 2012, Market regulator SEBI barred Polaris Software Labs's CMD Arun Jain from securities market for a period of two years for insider trading in the company's shares. SEBI had charged him with trading in the stock on the basis of 'unpublished price sensitive information' relating to a proposed acquisition by the firm. SEBI found that Polaris Software Lab had called off the proposed acquisition of Data Inc, after due diligence, in the second week of September, 2000 but had informed the concerned stock exchanges on 30 September 2000. Jain dealt in 15,080 shares of the company on behalf of Polaris Holding Private Ltd (PHPL) on the basis of 'unpublished price sensitive information' held by him and had made unfair gains to the tune of Rs 27.26 lakh. During the relevant time, PHPL was one of the promoters entity of Polaris Software Labs and Jain was one of the directors of PHPL.[27] However, in November 2012, Madras High Court today stayed a SEBI order which had barred Polaris Financial Technology CMD Arun Jain from operating in securities market for a period of two years for alleged insider trading in the company's shares.[28]

References

  1. ^ "Polaris Consulting and Services Limited - Head Office". 
  2. ^ a b "Polaris Consult - Announces Q4 & FY16 results,Form A, Results Press Release & Auditors Report for the period ended March 31, 2016". Moneycontrol.com. Retrieved 2018-05-24. 
  3. ^ "Polaris in tune to achieve target of synergy revenue of $100 mn". 
  4. ^ "About Us | Polaris Consulting & Services Limited". Polarisft.com. 2016-03-03. Retrieved 2018-05-24. 
  5. ^ "About AeSys". 
  6. ^ Financial Technology Ltd, Polaris. "Company zxzxxzAnnouncements". 
  7. ^ "Citigroup Partner". 
  8. ^ Financial Technology Ltd, Polaris. "Company Announcements". 
  9. ^ "VirtusaPolaris launch new brand identity - The Economic Times". Economictimes.indiatimes.com. 2016-05-09. Retrieved 2018-05-24. 
  10. ^ "Polaris Launches FT 8012 - the World's First Design Center for Financial Technology". 
  11. ^ "Polaris Software Lab Pvt Ltd". 
  12. ^ "Citi Bank". 
  13. ^ "Initial Public Offering". 
  14. ^ "merged with OrbiTech". 
  15. ^ "Belfast". 
  16. ^ "Entry into Latin America". 
  17. ^ "Polaris acquired SEEC". 
  18. ^ "Polaris acquired Laser Soft". 
  19. ^ "Polaris acquired IndigoTX". 
  20. ^ Solutions Limited (PESL), Polaris Enterprise. "PESL". 
  21. ^ Private Limited, NMS Works Software. "NMS". 
  22. ^ Polaris FT Limited, Sonali. "Sonali Polaris FT Limited". 
  23. ^ Corporate University of Polaris, Nalanda. "Nalanda". 
  24. ^ Polaris' School of Financial Technology, Polaris'. "SoFT". 
  25. ^ "CEO of India's Polaris Software Is Arrested by Indonesian Police". 
  26. ^ "Jakarta releases Polaris CMD Arun Jain". 
  27. ^ "Sebi bars Polaris' Arun Jain from securities mkt for 2 years". 
  28. ^ "HC stays SEBI order restraining Polaris chief from dealing in shares". 
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