After lying low over the years, Polaris Software Lab, an innovative financial products and software solutions company, has drawn a two-pronged strategy for its continued quarter-on-quarter growth for the next few years. The company hopes that its domain-led expertise and innovative financial products will lead to a continuous and sustainable growth in the years to come, said Arun Jain, chairman and CEO, Polaris Software Lab.
In an interview with the FE here on Tuesday, he said, ?We are bullish on our domain-led (expertise) outsourcing capabilities and innovative financial products for continued and sustainable growth quarter-on-quarter for many years. Though Polaris a late entrant into products (almost a decade), we could prove that our products have been not only well recognised by global financial majors but also been equally accepted.?
?We believe that the next level of outsourcing will be that of domain-led outsourcing, where Polaris has created a niche for itself. We will start experiencing the benefits through this in 2008. With our centres of excellence in different segments of the financial sector, Polaris believes that it will become the major player in the financial services,? Jain said.
?We see there is a huge demand for specialised outsourcing of domain-led outsourcing in the US and European markets. It is a multi-billion dollar market. Having major customers in banks and financial institutions under its belt, Polaris sees that its twin-pronged strategy will help in achieving a strong 10% growth in bottomline and 25% growth in topline for the next few years,? Jain said further.
Given the cost arbitrage and changing dimesions of the global clients, most of the service companies, except a selected few, are finding it difficult to cope up with the situation. ?There is always a saturation point and Polaris has geared up to this situation with domain-led expertise and products technology,? Jain pointed out.
?After developing innovative products in core banking, retail, human resources, the company is working on an insurance product and we expect to launch the same in the near future,? he said. ?With centres of excellence in different disciplines and IPRs, Polaris has become the number one specialised software developer in the country,? he claimed.
?We believe that with right focus, right size (manpower) and right methodology, Polaris hopes to sustain its growth for years. Our technology helps customers change one after other rather than changing the entire structure overnight.?
According to Jain, the company?s HR retail products have also received encouraging response from both the domestic as well as global customers.
?We have invested Rs 40 crore to develop a niche HR product and we have sold the product to over 300 customers across the globe (110 customers in India alone). Similarly, the retail product has been also receiving good response and has over 15,000 customers, he added.