The Hindu Business Line : Polaris scouting for $20-m deals

Growth plans
Expects to ramp up some of the current assignments in the $1-m to $5-m band.
Plans to add around 2,000 people across various locations.
Sees a growth of about 25-30 pc during this year.

GOING HI-TECH: Mr Arun Jain, Chairman and CEO, Polaris Software, at the inaguration of `The Capital' in Hyderabad on Saturday. — K. Ramesh Babu

Hyderabad , Sept. 9

Polaris Software Lab Ltd, a technology solutions provider for banking and financial services sector, is scouting for larger deals in the range of $20 million. It has also set up a Centre of Excellence for investment banking services.

The company expects to ramp up some of the current assignments in the $1-million to $5-million band.

New campus

The company inaugurated `The Capital', its campus in Hyderabad, which it claimed was the world's first super-speciality centre focused on technology solutions for investment banking.

The campus located in a eight-acre site near here, with a built-up space of 2-lakh sq ft, now hosts about 1,200 experts and serves some of the largest global banking and financial services industry.

Addressing newspersons after inaugurating the campus, developed with an outlay of Rs 70 crore, the Chairman and Chief Executive Officer of Polaris, Mr Arun Jain, said the company plans to add about 600 people to the campus in the next 12 to 18 months.

Outlining its plans, Mr Jain said that the company expects a growth of about 25 to 30 per cent during this year and it is proposed to add about 1,500 to 2,000 people across various locations. Providing insight into the banking and financial services market, Mr Jain said the market is estimated at about $100 billion of the $400-billion services segment. Given the advantages that a specialised service provider like Polaris brings to global enterprises, this opens up opportunity to mine existing clients and ramp up exposure. On the suggestion made by the Chief Minister, Dr Y.S. Rajasekhara Reddy, to set up another centre in Tirupati, Mr Jain said that the company would consider this option and take a decision based on business requirements.

The Chief Minister said that the State has registered significant growth rate in IT and ITES exports and has drawn up plan to provide jobs for about 3-lakh people in five years. Of this, about 65,000 have secured jobs in the last two years.

The effort is now directed to create industry-ready employable engineering graduates in league with technology companies, national association of software and services companies and through the Jawahar Knowledge Centres.

More Stories on : Software | Mergers & Acquisitions

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Nipuna in buy-out talks with 3 companies

After potato, its pineapple and tomato

Anil Ambani plans to invest Rs 12,000 cr in TN

`CST phaseout timeline difficult'

Polaris scouting for $20-m deals

Business Line e-paper from today

Employee satisfaction index down 11 pc: IDC study

Did Pawar jump the gun on wheat imports?