Polaris Software Lab Ireland Ltd, a subsidiary of Chennai-based Polaris Software Lab, has picked up a 2.5% stake in the US-based mobile payment solutions company Tyfone for a consideration of $5,00,000, the company said in a filing with stock exchanges.
Incorporated in 2004, Tyfone has its corporate headquarters in Portland, Oregon, and its Asia-Pacific headquarters in Bangalore. It provides turnkey infrastructure encompassing software on the phone, middleware platform, and a memory card-based token for the secure element/contactless payments.
The US company has manufacturing relationships in Taiwan and component partners in Israel, Germany, and Singapore. The company is funded by Ojas Venture Partners, an early stage technology-focused Venture Capital firm-based in India. Ojas is headed by Nadathur S Raghavan, co-founder & former MD of Infosys.
Simultaneously, Laser Soft Infosystems, a subsidiary of Polaris, successfully commissioned its banking IT product ?Intellect GUB? in India?s largest bank-sponsored mutual fund, SBI Mutual Fund.