Financial Daily from THE HINDU group of publications
Saturday, Sep 20, 2003
Financial Daily from THE HINDU group of publications Saturday, Sep 20, 2003 |
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Info-Tech
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Software Polaris dependence on Citigroup declining Our Bureau
Chennai , Sept. 19 POLARIS Software Labs will see Citigroup's share of revenue going down from 63 per cent to 45 per cent, Mr Arun Jain, Chairman and Managing Director, said on Friday. "This will not mean that the value of business from Citigroup will come down, but that revenues from other clients will go up," he added. Mr Jain also said that revenues from sale of software products would go up from the current 14 per cent of revenues to 30 per cent over a three-year timeframe. "The merger with Orbitech Solutions has brought us rights to 57 intellectual properties." Earlier, addressing shareholders at the annual general meeting, Mr Jain said, "The market for solutions to the banking and financial services sector is pegged at $270 billion. The market for software products alone is $38 billion." The shareholders approved the appointment of Mr Ram Bhagwat as President and Executive Director of Polaris Software Labs. He was earlier President of the merged entity and CEO of the Orbi-Polaris Solutions, a division. Mr Jain also clarified that the company had segmented its target area - the banking and financial services space - into six segments: retail banking, wholesale banking, investment banking, brokerage, insurance and wealth management, to be able to address each better.
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