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Follow UsBANGALORE, INDIA: With the acquisition of Laser Soft, Polaris Software Lab Limited is aggressively eyeing at fulfilling its core banking portfolio, competing with established players like Infosys (Finacle) and I-flex(Flexcube). It expects to grab more market share in the Indian and emerging market.
Speaking to CIOL, R Srikanth, executive vice president and chief financial officer said, “Our products like the Global Universal Banking (GUB) covers the western world and global banks. We have been in strong position in terms of modular banking, but were lagging in core banking.”
LaserSoft, he added, is doing extremely well in the domestic/ Indian market.
“Like, the entire core-banking of Corporation Bank runs on Laser Soft platform, also the Catholic Syrian Bank. Laser Soft products will compliment our products and not only help us enhance the core-banking portfolio, but also help establish strong foothold in the domestic market, which we can take to other emerging markets as well.”
Taking about the present market he elaborated, “We would now compete directly with two companies in India with respect to core banking installation, like Infosys (Finacle) and I-flex (Flexcube). Therefore in terms of market positing, we would be counted among top three companies with equally smart solutions.”
Furthermore, the company would now be very competitive from technology and also the pricing aspect, he said.
Resonating the vision, Srikanth added that the acquisition is in line with its stated Polaris 3.0 vision of achieving market leadership in financial technology through focus on account expansion and intellect expansion. This might also come through other strategic acquisition as well, based on the market trends and growth prospects.
The entire process of integration is expected to take 14-15 months, meanwhile LaserSoft will continue as an independent firm.
Post the integration, B. Suresh Kamath, present CMD of LaserSoft will be roped in the management level, where he would be handling the core-banking responsibility with major focus on the LaserSoft portfolio.
The Chennai-based financial technology company has announced to acquire 100 per cent of Laser Soft Infosystems Ltd in an all cash deal for about Rs. 52 crores ($11 million).
Laser Soft was established in 1986 with specializing in serving the unique needs of India and 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.
“Together we will bring a robust and complementary solution-set that is uniquely suitable for emerging markets and will support our market proliferation plan,” Srikanth is confident.