Chennai-based Polaris Software Lab Ltd. has forged an
alliance with Japanese multinational Nippon Electronics Corporation (NEC) for its $83
million project to evolve a banking solution in the United States.
As per the agreement, Polaris with three other companies
would work out the architecture for a new generation banking programme set to
revolutionize the present system. Mr. G.N. Mathur, Executive Director said that, NEC had
assured the Indian company a major chunk of the development part of the project. He also
added that, Polaris was selected for its competitive edge in developing and executing
software solutions in the banking and finance segment.
Polaris is already a business solution provider for
Citibank Finance Corporation and is planning to expand its reach to Europe and Japan after
its initial public offer, opening on August 4 and aimed at raising Rs. 91.68
crore. The
public issue is to meet the financial requirement of the company in setting up three
offshore software development centres in the country and for its overseas expansion
programme.
Polaris is all set to open new centres in Germany and Japan
besides expanding its operations in the US, UK and in the Asia Pacific.