Optimus Global Services Ltd, a 100 per cent subsidiary of Polaris Software Ltd, is to be integrated with the parent company. Instead of a separate company, Optimus that provides back office operations will become a separate business unit within Polaris, the Chennai-based software company.
Polaris' board will meet on October 22 to decide on the integration.
Optimus' existing management will continue in the new business unit. Post the de-merger [with Polaris] the chief executive of Optimus will become the business unit head of the Polaris' back office operations, said Polaris' Chief Financial Officer, Mr R. Srikanth.
“In future, we may integrate other subsidiaries in to Polaris,” he said. As of March 31, 2011, Polaris had 20 subsidiaries, including Optimus, and 14 subsidiaries located abroad.
For clients in banking, financial services and insurance sectors Optimus offers services such as customer service, addressing customer complaints, dispute processing and e-mail management.
Incorporated in September 2002, Optimus has around 700 employees. It reported a net loss of Rs 3.16 crore on revenue of Rs 16.67 crore for the year ended March 31, 2011, according to Polaris' 2010-11 annual report.
On the Bombay Stock Exchange, the share price of Polaris closed at Rs 140.40, up by Rs 7.55 or 5.68 per cent over the previous day.
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