Financial Daily from THE HINDU group of publications
Friday, Apr 14, 2006
Financial Daily from THE HINDU group of publications Friday, Apr 14, 2006 |
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Info-Tech - Off-shore Development Polaris Software to set up centre in Ireland Our Bureau
BANKS ON IRELAND: (From left)Mr Leslie Morrison, CEO, Invest Northern Ireland; Mr Peter Hain, UK Secretary of State for Northern Ireland; and Mr Arun Jain, Chairman and CEO, Polaris Software Lab, in Chennai on Thursday. - Bijoy Ghosh
Chennai , April 13 Polaris Software Lab is to set up a banking and financial application certification centre in Belfast, Northern Ireland. In the next two-three years, it will invest £10 million (Rs 80 crore) and employ about 150 people in the centre, according to Mr Arun Jain, CEO and Chairman, Polaris. The Chennai-based software company got a financial assistance of £1.5 million (Rs 12 crore) from Invest Northern Ireland (Invest NI), Northern Ireland's main economic development organisation, to recruit a certain number of local people. In addition to the 150 people in Belfast, Polaris will have two to three times more number of support staff in India, he told newspersons. For Polaris, 28 per cent of revenue (Rs 203 crore for the third quarter ended December 2005) comes from the UK. And in the last three months the company acquired a large number of near-shore customers from the UK. The new centre will be a part of Polaris' UK subsidiary, he said. The Belfast centre, to be operational next month, will be developed in three phases. It will begin as a certification centre providing independent quality assurance software testing. It will also be a software development and business continuity centre wherein, as the operation develops and the communications infrastructure is upgraded, software development activities will be introduced. The third phase will focus on the provision of round-the-clock technical support for customers in Europe. At the end of the third phase, Belfast will be a full-fledged near-shore software development centre and a Mercury-certified, banking and financial application centre, said Mr Jain. The UK Secretary of State for Northern Ireland, Mr Peter Hain, said Polaris was the second Indian company to have a centre in the State. Five years ago, HCL Technologies started its operations with 300 people, and currently employs about 2,000. With the availability of skilled labour, broadband connection across the state and good infrastructure, Northern Ireland could be a gateway for Indian companies to tap the entire European Union market, he said.
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