As part of beefing up its financial technology cloud model, FT Grid, the Chennai-based mid-tier software company Polaris Software Lab announced the integration of its BPO arm Optimus with the parent company.
Through the merger the company envisages a gain of around R30 crore in terms of carry forward losses, said Arun Jain, founder and CEO of Polaris. ?We launched the FT Grid business unit in the second quarter to deliver technology, hardware, application and operations on pay-per-use cloud model to banks and insurance companies.
Since Optimus was lying outside the FT Grid delivery framework we decided to consolidate it as a process of integration of business solutions delivery. In the merger exercise we could enjoy a rough R30 crore as incidental gain from the exercise. This is a 25% one time tax gain on the company books?, he added.
The back office operations arm Optimus is a 100% subsidiary of Polaris that has about 898 people in the current quarter when compared to the 685 people in the previous quarter, he pointed out.
Betting big on FT grid business for building up a bigger revenue funnel for the company, Jaideep Billa, executive vice-president, FT Grid business, said: ?This is the newest baby from Polaris stable and we are targetting around $100 million business in 5 years from now from FT-grid. The cloud offering from Polaris
includes multiple features such as virtualisation, scalability, reliability, global reach, combined with vernacular localisation and information security that enables services to be provided at the customer?s doorstep.?
?FT-grid will offer financial technology infrastructure and banking products on a pay-per-use (cloud) model to banks and financial institutions through a ready-to-use platform with industry-standard hardware, middleware, RDBMS and network connectivity components. FT-Grid offers 3 different product lines including FT-Grid 7010 core banking, FT-Grid 8010 capital markets and FT-Grid 9010 corporate banking,? Bill added.