Polaris Financial Technologies, a Chennai-based software services provider, reportedly is in talks to sell its services division to Japan's NEC Corporation. The company earlier was in talks with Tech Mahindra for the same, but the deal failed to fructify on account of issues over valuation and disagreement on the structure of the deal.
Further, the deal with NEC could potentially value the services division at $400-450 million, a little higher than what Tech Mahindra had to offer. The company earlier also held talks with global buyout funds such as KKR, Blackstone and Advent International to sell its services division.
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