MEDIA RELEASE PR36605
Polaris Software Acquires Laser Soft Infosystems
CHENNAI, Oct. 15 /PRNewswire-AsiaNet/ --
- Adds 40 new Financial Institutions to its Customer Portfolio
Polaris Software Lab Limited (POLS.BO), a leading Financial
Technology company today signed a definitive agreement to acquire 100% of
Laser Soft Infosystems Ltd in an all cash deal for about Rs. 52 crores ($11
million). The acquisition will be completed subject to the regulatory
approvals.
As per the terms of the agreement, Rs. 35 crores will be paid in cash on
closing and the balance amount will be paid out in 2 years contingent to
performance, and will be funded entirely through internal accruals. The
acquisition will be EPS accretive for Polaris.
Established in 1986, Laser Soft is a leading banking software
products company, specializing in serving the unique needs of India &
emerging markets. The company has proven solutions in Core Banking, Trade
Finance, Treasury, Cash Management, Mutual Funds and Loans serving over 50
customers including leading banks such as Corporation Bank, State Bank of
India, ICICI Bank, Mashreq bank, Catholic Syrian Bank, Andhra Bank, EXIM Bank
of Tanzania and KEP Trust, Kosovo. The solutions are benchmarked and
recognized for sites having more than 20 million accounts, winning Best
Technology Awards consistently for its ability to deliver high-performance
banking at the lowest total cost of ownership.
"This acquisition is in line with our stated Polaris 3.0
vision of achieving market leadership in Financial Technology through focus
on account expansion and Intellect expansion. Together we will bring a robust
and complementary solution-set that is uniquely suitable for emerging markets
and will support our market proliferation plan. With this merger we are also
expanding our strategic capacity by 600 banking and technology experts," said
Arun Jain, Founder, Chairman & CEO, Polaris Software Lab Ltd.
Suresh Kamath, Founder & Managing Director, Laser Soft
Infosystems said, "Over the last 23 years, we have successfully evangelized
robust products for banking and financial services space and deployed them at
more than 50 leading banks in emerging countries. At this inflection point in
our growth journey, we were looking for a partner who is large and deeply
entrenched in Banking and Financial services and can help us with investments
and strong market connects. We believe our merger with Polaris is highly
synergistic in its focus of domain, strength of complementing solutions and
organization ethos. Together with Polaris we will present a compelling and
long standing technology proposition for our customers and prospects."
About Polaris Software Lab
Polaris Software Lab (POLS.BO) is a leading Financial
Technology company, with its comprehensive portfolio of products, services
and consulting. Polaris has a talent strength of over 9,000 solution
architects, domain and technology experts. The company owns the largest set
of Intellectual Properties in the form of a comprehensive product suite,
Intellect Global Universal Banking (GUB) 10.0. IntellectTM is the first pure
play SOA based application suite for Retail, Corporate and Investment
banking.
Polaris is headquartered in Chennai and has offices in all
global financial hubs including Tokyo, Sydney, Hong Kong, Singapore, India,
Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New
York, Chicago, Fremont, Pittsburgh and Chile. For more information, please
About LaserSoft Infosystems
Laser Soft Infosystems Limited is a software product company
established in 1986 with a focus on development of products for the Banking
and Financial Service sector. The product offerings cover the entire range of
Banking Operations and include Core Banking and specialized products like
Treasury, Trade Finance, Cash Management and Recon systems. It is an ISO
9001:2000 company with 600 banking and technical experts and is a leading
player in BFSI segment. It has provided solutions in more than 50 banks in
India, Middle East and Africa. Major banks like Corporation Bank, ICICI Bank,
Axis Bank, HDFC Bank, SBI, Catholic Syrian Bank, etc., form their valuable
client base.
Laser Soft is a socially responsive company and has provided
employment to as many as 15% of its work force to differently abled persons.
It is a winner of Best Employer Award from Government of India, Government of
Tamil Nadu and Shell Hellen Keller Foundation.
For more information, please contact:
Shailesh Dhawla
Polaris Software Lab
Tel: +91-99620-23124
Email: shailesh.d@polaris.co.in
SOURCE: Polaris Software
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