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Chennai, Aug. 5 Polaris Software Ltd has sold off its 20 per cent stake in AIG Systems Solutions Pvt Ltd (AIGSS) for Rs 23.26 crore to a subsidiary of AIG Global Services - a wholly-owned subsidiary of American International Group.

When the AIG Systems was incubated as a joint venture company in 2002, Polaris had invested Rs 3.26 crore for the minority stake, the balance 80 per cent was held by AIG. Polaris set up the infrastructure, development facility and the process and methodology for AIG Systems, according to Mr R. Srikanth, Executive Vice-President and CFO, Polaris.

The Chennai-based software company has also announced that it has signed a ‘Professional Services Agreement’ with AIG Global to provide IT services to AIG and its member companies around the globe. So far, any access to AIG was routed through only the joint venture company.

“We can now compete with AIG Systems or other software vendor for doing business with AIG,” he said. “This is a significant contract for Polaris,” he said without giving any value of the business expected.

More Stories on : Mergers & Acquisitions | Software

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