Polaris eyes 20 p.c. YoY growth

MUMBAI, INDIA: With increased product play, innovative solutions like SaaS (Software as a Service) model for regional banks and geographic scale, Chennai-based banking solutions company Polaris Software Lab is looking at better results for the coming quarter.

Polaris claims to be one among the companies that has products across all businesses of banking, like core banking solution, asset management, cash management, private banking, central bank business and many more.

Arun Jain, chairman and CEO, Polaris Software Lab Ltd said, “The competition could have solutions for one the above like core banking solution, but we have complete product range, and the top eight out to ten largest banks in the world would be our customers.”

He added, “With such portfolio, apart from the high market credibility, other advantages are scaling our products reach with geographies, like reaching to all the branches of these global banks. Secondly, exploring their new center, I can sell multiple products to the same customer, with the last suit of solutions and products, and the third is building up the relationship and go deeper in services business.”

The company is looking forward to 5-7 per cent QoQ and 20 per cent YoY growth in revenue terms. Polaris aims towards building more revenues from the products side, and taking it from the present 23 per cent to 30 per cent in the coming quarter, so that products business accounts for one third of the business, while the remaining comes from services.

He said corporate banking and capital market are the high-growth areas.

“In terms of geographies, last year we started looking at South Africa. This year we are looking at Eastern Europe, Brazil and Turkey, So we would set first step in the country with sales office and then perhaps cover up with a partner. We would be wooing the local banks.

“In the coming quarter, we are looking at launching our SaaS-based banking solution, for the regional rural banks. It is a five-year game, and would reap the result in a long term; right now we are investing in the infrastructure and training.”

Polaris could be using the capabilities of the recent acquisition of IndigoTX, a SaaS company. The GO TX brokerage platform of the company runs on a GRID architecture, and a complete front-middle- and back-office solution, currently supports investment and trading in Equities, Equity derivatives, IPOs, Mutual Funds and Commodities.