Polaris bags two major clients

BANGALORE: Chennai based Polaris Software Lab has entered

into strategic partnerships with two, billion-dollar clients that are

"among the leaders" in their respective industries, said a press

statement from the company.

Polaris, failing to divulge the name, has bagged an order

with one of the largest bank-based financial services companies in the US, with

assets of approximately $ 81 billion. The other major deal the company struck is

with the $ 6.7 billion Euro French firm, Snecma Moteurs, engaged in aerospace

propulsion.

The US-based banking and financial services company provides

investment management, retail and commercial banking, consumer finance, and

investment banking products and services to individuals and companies throughout

the United States and, for certain businesses, internationally. This banking

service corporation is also rated ‘A1’ in Senior Long Term Debt from Moodys

and A/B in Corporate Credit Quality from Thomson Bank Watch.

Snecma Moteurs, Polaris’ other mega relationship, designs,

develops, produces and markets engines and propulsion systems for both air and

space applications. Considered to offer the widest range of propulsion products

in the world, Snecma caters to clients like Ariane, Airbus Industrie and The

Boeing Company, apart from powering over 370 airlines and 47 air forces across

the globe.

Polaris Software Lab, Chairman and CEO, Arun Jain, said,

"With these two relationships in the bag, each positioned among the Top 5

in their respective domains, we are seeing the benefits of the strategic roadmap

charted around ten months ago. Today, the core objective is to explore and

develop such heavyweight relationships. With this, Polaris has also underlined

its presence as a premium relationship vendor from the Indian

sub-continent."

"Polaris is also recognizing a considerable shift in the

pattern of some of its services to major clients moving from the onsite model to

the offshore outsourcing model. This shifting pattern is an appreciation of the

value-proposition which outsourcing offers and a recognition of the "Best

Process — Best People - Best Infrastructure", a vital combination which

only few software corporates possess. However, such transition over the

immediate future may have some impact on the revenue numbers and the true value

will be demonstrated only over a larger future. Polaris remains confident that

these relationships are stocked with tremendous business potential, providing it

enough scope for value enhancement in the long-term, both in terms of volume and

value," said the release.