VirtusaPolaris

VirtusaPolaris Consulting & Services Limited

Type	Public
Traded as	BSE: 532254 NSE: POLARIS
Founded	1993
Headquarters	Chennai, India[1]
Area served	Worldwide
Key people	Kris Canekeratne (Chairman) Jitin Goyal (CEO) [2]
Services	Business consulting, IT Services and Business process outsourcing
Revenue	US $ 315 Million [3]
Profit	US $ 19.53 million [4]
Number of employees	8500(2014)[5]
Website	www.polarisft.com

Polaris Consulting & Services Limited ^[6] (BSE: 532254 ; NSE: POLARIS), 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. Adrenalin eSystems Limited (AeSys) is a subsidiary of Polaris Financial Technology Limited.^[7]

History

Polaris has its origins in Nucleus Software.^[8]

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.^[9] 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.^[10]

On March 3, 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. ^[11]

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.^[12]

Milestones

• 1993: Polaris Software Lab Ltd. incorporated ^[13]
• 1994: End-to-End Retail banking solution for Citi Bank India ^[14]
• 1995: Quality Processes aligned to SEI- CMM Level 3 ^[15]
• 1996: Operations set up in USA
• 1996: Ullas Trust – Polaris’ CSR was formed ^[16]
• 1997: First Overseas Development Centre commissioned for CITI Bank
• 1997: Wholly owned subsidiary founded in Singapore and USA
• 1997: Polestar Trust instituted to recognize Excellence in Business and IT Journalism ^[17]
• 1997: Polaris awarded 'Most Innovative Company'
• 1998: Wholly owned subsidiary founded in UK ^[18]
• 1998: Quality Processes Aligned to SEI- CMM Level 4 ^[19]
• 1998: Quality Processes ISO -9001 certified ^[20]
• 1998: Birth of Polaris Retail Infotech Limited ^[21]
• 1999: Initial Public Offering over-subscribed by 21 times ^[22]
• 1999: Awarded "Best International Business Excellence" Award ^[23]
• 2001: Became world’s first CMMi level 5 company ^[24]
• 2001: NASSCOM felicitated Polaris Software
• 2002: Ranked amongst Top 200 Best Small Companies in the World for the 2nd time ^[25]
• 2003: Historic merger with OrbiTech (Citigroup Subsidiary)^[26]
• 2003: Birth of Intellect ^[27]
• 2003: Birth of Optimus ^[28]
• 2003: The Banker Technology' Award ^[29]
• 2004: Super-Specialty center for Financial Risk Management inaugurated in Mumbai ^[30]
• 2004: Launch of Intellect Suite of Products for Banking Solutions ^[31]
• 2004: Ranked 9th by NASSCOM Top 20 Exporters ^[32]
• 2004: Received Mother Teresa Corporate Citizen Award ^[33]* 2006: World’s First Super Specialty Center for Investment Banking, The Capital inaugurated in Hyderabad ^[34]
• 2006: Near Shore Centre inaugurated in Belfast ^[35]
• 2006: Entry into Latin America ^[36]
• 2006: Recognized as Global Leader in the Specialty Application Development by Cybermedia ^[37]
• 2007: Launched PACE Lab in Sydney ^[38]
• 2007: Won Global Leader in the Specialty Application Development - 2nd Year in a row ^[39]
• 2007: Near-shore Testing Center inaugurated in Canada ^[40]
• 2008: Acquired SEEC Inc, the worldwide SOA based Insurance solution provider^[41]
• 2008: Polaris' Ullas Trust won the Best CSR Practice Awards presented by BSE-NASSCOM-Times Foundation.^[42]
• 2009: Acquired Laser Soft Info Systems Limited, a leading banking software products company^[43]
• 2009: Laser Soft won NDTV Business Leadership Awards 2009 under the ‘Inclusion and Diversity’ category.^[44]
• 2010: IndigoTX, a SaaS Company that provides GO TX brokerage platform^[45]
• 2010: Launched Intellect Privacy Internet Banking Security Card, an online and internet banking security card ^[46]
• 2010: Launched Intellect™ GUB M 180, the most comprehensive enterprise banking solution ^[47]
• 2010: Intellect wins the “Early Technology Adopter” award at Acord Loma Forum 2010.^[48]
• 2010: Polaris Launches the School of Financial Technology ^[49]
• 2010: SAMPADA, a Polaris-Laser Soft initiative was awarded the Best CSR Practice Award, at the 6th BSE Social and Corporate Governance Awards jury meet held in Mumbai.^[50]
• 2011: Polaris makes strategic investment in IdenTrust, a global leader in trusted identity solutions^[51]
• 2011: Polaris was certified as ‘Champion of Learning’ by the American Society of Training and Development (ASTD)^[52]
• 2011: Polaris Wins Two Prestigious Awards for its Highly Innovative Core Banking and Wealth Implementations at 5th Asian Banker Technology Implementation Awards 2011 ^[53]
• 2011: Polaris enters Cloud Computing space through strategic investment in IdenTrust ^[54]
• 2012: Entered into a business purchase agreement with Pyxis, a specialized player in Front Office and Market Risk, related to cash and derivatives instruments^[55]

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.^[56]
• Adrenalin e-Systems Limited (ASL) - Adrenalin e-Systems Limited is primarily engaged in the business of providing specific solutions relating to Human resource and payroll management.^[57]
• NMS Works Software Private Limited (NMS) - NMS is primarily engaged in the business of designing network management in Telecommunication and Internet Services.^[58]
• 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.^[59]
• Intellect Design Arena

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.^[60]

Polaris' School of Financial Technology (SoFT) aims creating skilled associates to service its premier clients.^[61] 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.

Recognition

• 2011: Polaris featured in FinTech top 100 companies worldwide providing services to the financial sector at a rank of 38worldwide.^[62]
• 2008: Polaris' 'Ullas Trust' wins the Best CSR Practice Awards presented by BSE-NASSCOM-Times Foundation – 2008.^[63]
• 2006: Recognized as Global Leader in the Specialty Application Development by Cybermedia.^[64]
• 2003: Polaris' Intellect Treasury won The Banker Capital Markets Projects Award.^[65]
• 2000: Rated amongst Forbes World’s Best Small Companies – 2000.^[66]

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.^[67] Jain and Malhotra were released by the police after major diplomatic intervention by Indian government.^[68]
• 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 September 30, 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.^[69] 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.^[70]

References

1. "Polaris Consulting and Services Limited - Head Office".
2. http://www.polarisft.com/about-us/leadership.asp
3. http://www.moneycontrol.com/stocks/stock_market/corp_notices.php?autono=3443601
4. http://www.moneycontrol.com/stocks/stock_market/corp_notices.php?autono=3443601
5. "About Polaris Financial Technology Ltd".
6. http://www.polarisft.com/about-us/about-us.asp
8. Financial Technology Ltd, Polaris. "Company zxzxxzAnnouncements".
9. "Citigroup Partner".
10. Financial Technology Ltd, Polaris. "Company Announcements".
11. http://economictimes.indiatimes.com/tech/ites/virtusapolaris-launch-new-brand-identity/articleshow/52188100.cms
12. "Polaris Launches FT 8012 - the World's First Design Center for Financial Technology".
13. "Polaris Software Lab Ltd".
14. "Citi Bank".
15. "SEI- CMM Level 3".
16. "Ullas Trust".
17. "Polestar Trust".
18. "Wholly owned subsidiary founded in UK".
19. "SEI- CMM Level 4".
20. "ISO -9001 certified".
21. "Polaris Retail Infotech".
22. "Initial Public Offering".
23. "Best International Business Excellence".
24. "CMMi level 5".
25. "Top 200 Best Small Companies".
26. "merged with OrbiTech".
27. "Intellect".
28. "Optimus".
29. "The Banker Technology' Award".
30. "Super-Specialty center for Financial Risk Management".
31. "Intellect Suite".
32. "Ranked 9th by NASSCOM".
33. "Mother Teresa Corporate Citizen Award".
34. +Software+Lab+Ltd.&Ticker=PolarisSoft&MajorSector=1 "Super Specialty Center for Investment Banking" Check |url= value (help).
35. "Belfast".
36. "Entry into Latin America".
37. "Global Leader in the Specialty Application Development by Cybermedia".
38. "PACE Lab".
39. "Specialty Application Development - 2nd Year in a row".
40. "Near-shore Testing Center inaugurated in Canada".
41. "Polaris acquired SEEC".
42. "Best CSR Practice Awards".
43. "Polaris acquired Laser Soft".
44. "Laser Soft won NDTV Business Leadership Awards".
45. "Polaris acquired IndigoTX".
46. "Launched Intellect Privacy Internet Banking Security Card".
47. "Launched Intellect™ GUB M 180".
48. "Early Technology Adopter".
49. "Polaris Launches the School of Financial Technology".
50. +Financial+Technology+Ltd.&Ticker=Polaris+Fin&MajorSector=1 "SAMPADA was awarded the Best CSR Practice Award" Check |url= value (help).
51. "Polaris invests in IdenTrust".
52. "'Champion of Learning'".
53. "Awards at 5th Asian Banker Technology Implementation Awards 2011".
54. "Polaris enters Cloud Computing space".
55. "Polaris acquired Pyxis Systems".
56. Solutions Limited (PESL), Polaris Enterprise. "PESL".
57. Limited (ASL), Adrenalin e-Syetems. "ASL".
58. Private Limited, NMS Works Software. "NMS".
59. Polaris FT Limited, Sonali. "Sonali Polaris FT Limited".
60. Corporate University of Polaris, Nalanda. "Nalanda".
61. Polaris' School of Financial Technology, Polaris'. "SoFT".
62. "Polaris featured in FinTech".
63. "Polaris' 'Ullas Trust' wins the Best CSR Practice Awards".
64. "Cybermedia".
65. "The Banker Capital Markets Projects Award".
66. "World's Best Small Companies".
67. "CEO of India's Polaris Software Is Arrested by Indonesian Police".
68. "Jakarta releases Polaris CMD Arun Jain".
69. "Sebi bars Polaris' Arun Jain from securities mkt for 2 years".
70. "HC stays SEBI order restraining Polaris chief from dealing in shares".