Polaris to Merge IT Services Biz of Subsidiary With Itself
Monday, 24 October 2011, 22:59 IST
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MUMBAI: Financial technology solutions provider Polaris Software Lab will merge the IT-enabled services division of its subsidiary Optimus Global Services with itself. "The Board of Directors of the Company at its meeting held on October 22, 2011, have approved in-principle the proposal to demerge the Information Technology Enabled Business of its subsidiary, Optimus Global Services into the Company," Polaris Software Lab informed the BSE today. The company said that the scheme of arrangement (Demerger) is being planned in order to synergize the operational and business efficiencies of this business and is subject to necessary regulatory approvals including the approval from the High Court of Madras. The company also posted 5.78 per cent rise in consolidated net profit at Rs 53.93 crore for the quarter ended on September 30, 2011. The company had posted a profit of Rs 48.15 crore for the same period last fiscal. It reported 34.84 per cent jump in total income at Rs 523.11 crore for the Q2 compared to Rs 387.95 crore it posted for same period in FY'11. "Our deal sizes have consistently grown both in size and in the complexity showing steady progress from 'referencable wins' to 'distinctive deals' over the last few quarters," Arun Jain, Founder, Chairman and CEO said in the statement. "Our sales funnel in North America is looking very attractive and we are bullish about exploring those opportunities," he added. The company said that during the quarter, two global majors for retail and corporate banking picked its Intellect Cash Management and Intellect Liquidity solutions. One of the largest banking and financial services organisations in the world with around 7,500 offices in 87 countries has trusted Polaris to lead the transformational agenda for their European operations, Polaris Software said. It also added that a large bank of Canada with offices in 57 countries has implemented Polaris' Intellect Insurance. The company did not disclose name of the clients. Encouraged by the performance, the company also increased its revenue guidance for FY2012 to Rs 2,014 crore - Rs 2,060 crore from Rs 1,968 crore - Rs 2,014 crore earlier. The company announced to elevate S R Ramaswami as new Group Chief Financial Officer of the company.
Source: PTI