Polaris Financial Technology Limited

Polaris Consulting and Services Ltd ( ; ) is a provider of financial technology products, legacy modernization services and consulting for core banking, corporate banking, wealth & asset management and insurance. Adrenalin eSystems Limited (AeSys) is a subsidiary of Polaris Financial Technology Limited.

History

Polaris has its origins in Nucleus Software

Operations and Global Offices

Polaris is headquartered in Chennai and has offices around the world.

In April 2013, Polaris launched its 8012 FT Design Center - the world's first Center dedicated to Financial Technology. 8012 FT Design Center is spread over 30,000 sq. ft and is located in the 22 acre Polaris campus on the IT Highway in Chennai.

Mergers & Acquisitions

• 1993: Polaris Software Lab Ltd. incorporated
• 1994: End-to-End Retail banking solution for Citi Bank India
• 1995: Quality Processes aligned to SEI- CMM Level 3
• 1996: Operations set up in USA
• 1996: Ullas Trust – Polaris’ CSR was formed
• 1997: First Overseas Development Centre commissioned for CITI Bank
• 1997: Wholly owned subsidiary founded in Singapore and USA
• 1997: Polestar Trust instituted to recognize Excellence in Business and IT Journalism
• 1997: Polaris awarded 'Most Innovative Company'
• 1998: Wholly owned subsidiary founded in UK
• 1998: Quality Processes Aligned to SEI- CMM Level 4
• 1998: Quality Processes ISO -9001 certified
• 1998: Birth of Polaris Retail Infotech Limited
• 1999: Initial Public Offering over-subscribed by 21 times
• 1999: Awarded "Best International Business Excellence" Award
• 2000: Wholly owned subsidiaries founded in Germany, Switzerland and Australia
• 2000: Ranked among "Fab Five" companies in India by Intelligent Investor
• 2000: Rated amongst Forbes World’s Best Small Companies
• 2001: Wholly owned subsidiary founded in Ireland
• 2001: Commenced operations in Japan
• 2001: Gurgaon Campus inaugurated
• 2001: Became world’s first CMMi level 5 company
• 2001: NASSCOM felicitated Polaris Software
• 2001: Rated as 'Fastest growing company in India' by Computers Today and Business World
• 2002: Opened Business Continuity Centre in Singapore
• 2002: Ranked amongst Top 200 Best Small Companies in the World for the 2nd time
• 2002: Ranked among Top 25 Best Employers in the country
• 2002: Launch of Adrenalin
• 2002: Ranked among Top 10 IT Wealth Creators - Business Today
• 2003: Historic merger with OrbiTech (Citigroup Subsidiary)
• 2003: Birth of Intellect™
• 2003: Birth of Optimus
• 2003: The Banker Technology' Award
• 2004: Became BS 7799 Certified
• 2004: Super-Specialty center for Financial Risk Management inaugurated in Mumbai
• 2004: Launch of Intellect™ Suite of Products for Banking Solutions
• 2004: Ranked 9th by NASSCOM Top 20 Exporters
• 2004: Received Mother Teresa Corporate Citizen Award
• 2005: Launch of next generation Intellect™ Banking Platforms Incorporation of subsidiary in Canada
• 2006: World’s First Super Specialty Center for Investment Banking, The Capital inaugurated in Hyderabad
• 2006: Near Shore Centre inaugurated in Belfast
• 2006: Entry into Latin America
• 2006: Recognized as Global Leader in the Specialty Application Development by Cybermedia
• 2007: New Center for "Corporate Banking" inaugurated in Mumbai
• 2007: Launched PACE Lab in Sydney
• 2007: Won Banker’s Award for Intellect Treasury
• 2007: Entered new markets like Southern Europe & Nordic
• 2007: Won Global Leader in the Specialty Application Development - 2nd Year in a row
• 2007: Near-shore Testing Center inaugurated in Canada
• 2008: Acquired SEEC Inc, the worldwide SOA based Insurance solution provider
• 2008: Polaris' Ullas Trust won the Best CSR Practice Awards presented by BSE-NASSCOM-Times Foundation.
• 2009: Acquired Laser Soft Info Systems Limited, a leading banking software products company
• 2009: Marks its entry in emerging markets of Chile, Vietnam and Egypt
• 2009: Launched Global Universal Banking Intellect™ 10.0
• 2009: Laser Soft won NDTV Business Leadership Awards 2009 under the ‘Inclusion and Diversity’ category.
• 2010: IndigoTX, a SaaS Company that provides GO TX brokerage platform
• 2010: Launched Intellect™ Privacy Internet Banking Security Card, an online and internet banking security card
• 2010: Launched Intellect™ GUB M 180, the most comprehensive enterprise banking solution
• 2010: Intellect wins the “Early Technology Adopter” award at Acord Loma Forum 2010.
• 2010: Polaris Launches the School of Financial Technology
• 2010: SAMPADA, a Polaris-Laser Soft initiative was awarded the Best CSR Practice Award, at the 6th BSE Social and Corporate Governance Awards jury meet held in Mumbai.
• 2011: Polaris makes strategic investment in IdenTrust, a global leader in trusted identity solutions
• 2011: Polaris was certified as ‘Champion of Learning’ by the American Society of Training and Development (ASTD)
• 2011: Polaris Wins Two Prestigious Awards for its Highly Innovative Core Banking and Wealth Implementations at 5th Asian Banker Technology Implementation Awards 2011
• 2011: Polaris enters Cloud Computing space through strategic investment in IdenTrust™
• 2011: The Reserve Bank of India (RBI), India's Central Banking Institution, chose Polaris to implement its Intellect™ Core Banking System (CBS) across the bank.
• 2012: Entered into a business purchase agreement with Pyxis, a specialized player in Front Office and Market Risk, related to cash and derivatives instruments

Subsidiaries

Apart from the Polaris Financial Technology Limited’s global subsidiaries, the company has the following Subsidiaries and Associate companies:

• Polaris Enterprise Solutions Limited (PESL) - a 100% subsidiary of Polaris Financial Technology incorporated in India, is a leading technology provider in Retail, Manufacturing, Logistics & Distribution, Telecom & Media and Travel Industry.
• Adrenalin e-Systems Limited (ASL) - Adrenalin e-Systems Limited is primarily engaged in the business of providing specific solutions relating to Human resource and payroll management.
• NMS Works Software Private Limited (NMS) - NMS is primarily engaged in the business of designing network management in Telecommunication and Internet Services.
• Sonali Polaris FT Limited - Polaris FT has entered into a JV agreement with Sonali Bank to implement online real time core banking solution for Sonali bank and Bangladesh commerce bank, and offer services to other banks and financial institutions in Bangladesh. Accordingly, the Company has incorporated a subsidiary company with 51% holding, named Sonali Polaris FT limited in terms of the JV agreement.

Education and Training

Nalanda, the Corporate University of Polaris is aimed at bringing the core of organizational processes together through learning and development initiatives that would enable associates to reach out to the latest modules and approaches to organizational learning.

Polaris' School of Financial Technology (SoFT) aims creating skilled associates to service its premier clients. It will offer certificate courses at both the ‘primer’ and ‘practitioner’ levels, executive fast-track modules in Retail Banking, Core Banking, Investment Banking and Corporate Banking as well as customized enterprise training workshops. The facility is located in Hyderabad.

Corporate Social Responsibility

Polaris Financial Technology Limited started the Ullas Trust in 1997 to nurture dreams and encourage a 'can do' spirit among economically challenged adolescent students. Polaris associates support and manage this trust. It organizes educative and informative sessions for the students, where volunteers from the organization teach computer and internet basics and counsel students on career prospects. Ullas’ inbuilt 3 layered structure such as volunteer, financial and content infrastructure makes it a sustainable and repeatable model that is scaled across India. The program targets students (from Class (Grade) 9 to 12) from districts as well as urban areas students.

SAMPADA - Special Appreciation and Mentoring Program Acknowledging Differently Abled is an inclusion program at Polaris where company hires Differently Abled People for company's mainstream. Around 18% of associates at the Intellect Products Group business solution centre of Polaris are SAMPADA colleagues. It had been awarded India's best CSR Company by NASSCOM 2010.

Awards and Accolades

• 2011: Polaris featured in FinTech top 100 companies worldwide providing services to the financial sector at a rank of 38 worldwide.
• 2008: Polaris' 'Ullas Trust' wins the Best CSR Practice Awards presented by BSE-NASSCOM-Times Foundation – 2008.
• 2006: Recognized as Global Leader in the Specialty Application Development by Cybermedia.
• 2003: Polaris' Intellect Treasury won The Banker Capital Markets Projects Award.
• 2000: Rated amongst Forbes World’s Best Small Companies – 2000.

Controversies

• In October 2012, Market regulator SEBI barred Polaris Software Labs's CMD Arun Jain from securities market for a period of two years for insider trading in the company's shares. Sebi had charged him with trading in the stock on the basis of 'unpublished price sensitive information' relating to a proposed acquisition by the firm. Sebi found that Polaris Software Lab had called off the proposed acquisition of Data Inc, after due diligence, in the second week of September, 2000 but had informed the concerned stock exchanges on September 30, 2000. Jain dealt in 15,080 shares of the company on behalf of Polaris Holding Private Ltd (PHPL) on the basis of 'unpublished price sensitive information' held by him and had made unfair gains to the tune of Rs 27.26 lakh. During the relevant time, PHPL was one of the promoters entity of Polaris Software Labs and Jain was one of the directors of PHPL. However in November 2012, Madras High Court today stayed a SEBI order which had barred Polaris Financial Technology CMD Arun Jain from operating in securities market for a period of two years for alleged insider trading in the company's shares.