Deutsche Leasing signs strategic partnership with Polaris
Thursday, 13 February 2003, 20:30 IST
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CHENNAI: Deutsche Leasing, a leading German company for movable assets, Wednesday signed an agreement with Chennai-based software firm Polaris Software for a strategic partnership. Under the partnership programme, Polaris will provide Deutsche Leasing with its Orbi Pack range of software products. There are 17 products under this category. The deal between the firms was struck for 1.8 million Euro. Deutsche Leasing is a member of Germany's largest banking group Sparkasse. The company is now expanding operations to the Netherlands and is also looking at larger operations in Europe. "The partnership with Polaris will give us significant advantage in acquiring onsite and offsite information technology services from this large Indian software house," Friedrich Jungling, member of the Deutsche Leasing management board, said here. Phillippe de Geyter, another board member, said: "We chose Polaris because we saw the width of the solutions available and they meet our need precisely." Officials of the German company and Polaris told the media here that Deutsche Leasing was aiming to become among the top three in the banking and asset management sector in Europe over the next three years. Polaris CEO Arun Jain said the Orbis suit for Deutsche Leasing would be ready for use by September 2003. "It is not just a product offer but a partnership to take care of Deutsche Leasing's banking software needs in the future." Officials of both companies said European banks had computerised about 30 years ago and the software they were using today was of the 1990s, which had become old and required replacement. Polaris was offering Deutsche Leasing Java-based modules of 2000 that can be used for the next 20 years with fine-tuning. It could also offer solutions to match expansion plans in other European countries. "It is an opportunity for Polaris to open an window to the future, possibly provide solutions for Sparkasse," a Polaris official said. "We are looking at business worth 10 million Euro every year," Jain said. Polaris will act as a beta site for showcasing Orbi Pack suit to other firms in Europe via Deutsche Leasing. Besides employing 35,000 people in Germany, Deutsche Leasing also has branches in 11 European countries where Polaris will have an opportunity to demonstrate its banking solutions.
Source: IANS