Polaris acquires IndigoTX

CHENNAI, INDIA: Polaris Software Lab Limited, a financial technology company, today announced the acquisition of IndigoTX, a SaaS (Software as a service) company that provides GO TX, an enterprise brokerage solution for the securities market on a pay-per-use model.

Polaris said the GO TX brokerage platform is a cutting-edge technology platform that runs on a GRID architecture providing tremendous amount of scalability and performance using commodity hardware platforms.

The GO TX System allows brokers the luxury of a single platform that provides trading in multiple instruments such as equities, derivatives, mutual funds, commodities and currencies, providing access to multiple markets besides integrating the front, middle and back-office functions, said a press release.

The GO TX layered architecture also allows for integration of Internet access, desktops and other user access devices into a single platform.

Under the pay-per-use model of GO TX, the company provides access to all its solutions and technologies to the brokerage customer by pricing it on a usage basis. According to Polaris, the GO TX system provides continuous updates of its software to its customers, which helps brokerages to focus on their business rather than worry and manage technologies that are constantly changing and evolving.

“Our trading platform for brokerages is what ERP is to manufacturing,” said Chandra Balaraman, founder and CEO of IndigoTX. “With proven technologies in place, we needed a partner who can fuel our growth and also provide access to various global markets. We are excited to join the Polaris family that has a large reach and reputation as a cutting-edge solution provider to large financial institutions.”

Arun Jain, founder, chairman and CEO of Polaris Software said technology investments continue to be the major bottleneck for many brokerage houses that are nurturing big growth ambitions. “GO TX leverages modern technology of Software as a Service to offer trade-based pricing. In effect, brokerage houses can move away from technology-related concerns completely and enjoy the freedom of ‘pay as you grow”.