Several IT services companies place bid for Polaris Financial Technologies’ service business

17 May 2013

Several IT services companies, including HCL Technologies, Mahindra Satyam and Infosys as well as engineering conglomerate L&T, have bid for Polaris Financial Technologies’ services unit. However, the bidders have offered a price, which is $400 million (Rs 2,190 crore) lower than what the company is expecting.

Early this month, the company, spilt off its business into two divisions, services and products, with a separate CEO for the both the businesses. The company’s services business earned $330 million (Rs 1,813 crore) in 2012-13.

Polaris is a full-spectrum Financial Technology major, using technology as an enabler to drive unprecedented operational productivity in Retail, Corporate and Investment Banking. Polaris services over 200 banks across the world, including 9 of the top 10 banks, with a comprehensive suite of products, services and consulting offerings.

Related Polaris Consulting & Services Ltd. Links:
1 Year Price Chart
Company Name CMP
TCS 3049.95
Infosys 1345.70
HCL Tech. 973.00
Wipro 418.80
Tech Mahindra 988.30
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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323