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.