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Polaris, NEC forge tie-up

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CIOL Bureau
New Update

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.

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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.

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