Speaking to the media at the side lines of the company's seventh annual general meeting on Wednesday (first after Polaris' IPO), Arun Jain, CMD said that the proposed acquisitions would help the company to grow faster and would enable it to service global customers at all locations. A special resolution permitting the company to raise $150 million or Rs 700 crore, which ever is higher, through ADR, GDR or private placement was approved by the shareholders. On the probable timing of the ADR Jain said that he would ideally prefer to go in for one when the company achieves a turnover of $100 million, but said the final decision would be taken in consultation with investment bankers.

Speaking on future plans, Jain said that Polaris would be among the top five global players in the banking, financial and insurance solutions sector by the year 2003. There was convergence taking place between retailing and banking, with cross sale of the products possible due to the integration provided by telecommunications. Polaris, Jain said, had developed a telecom network management solution, which was undergoing beta testing. He expects the same to be a significant source of revenue during the coming years.

The company has also recently launched PolarisPoint NGB a banking solution product. The product has been developed with a strategic venture with M & I East Point Technology Inc. Polaris has put an Internet layer into the product to make it Web-enabled, and expects a sales of about Rs 5 crore this fiscal. The company draws 60 per cent of its revenues from banking, finance and insurance solutions, 11 per cent from network solutions, 10 per cent from transporation solutions and the rest from other services.

Geographically, 68 per cent of the sales are from the US, 19 per cent from Europe, eight per cent from India, while other areas contribute the rest. Polaris finished the year 1999-2000 with a total revenue of Rs 160.28 crores and a profit after tax of Rs 37.21 crores.