Polaris enters 'Cloud Computing' by investing in Iden Trust
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Chennai: Polaris Software Lab, one of the leading global financial technology companies announced a strategic investment in IdenTrust, a global financial institution. IdenTrust is one of the premier providers of digital identity authentication services to several key banks, U.S. federal identity programs as well as supply chain markets. IdenTrust was founded in 1999 by a group of financial institutions that included Citigroup, Bank of America, Chase, Barclays, HSBC, and Deutsche. As the only bank-developed identity authentication system, IdenTrust provides a unique legally and technologically interoperable environment for authenticating and using identities worldwide. It also provides applications that use electronic identities that establish contracts, grant authority, support secure encrypted data and information storage and secure online interactions/transactions. IdenTrust shareholders include 20 banks, and the company brings with it an existing customer base of ten of the world's largest banks. It also has a portfolio of patents, and the associated intellectual property and expertise around identity, authentication, encryption, and electronic signatures on a global basis, and strong operational and hosting capabilities, led by a management team. For IdenTrust, Polaris' global customer base is a logical channel and network accelerator, and for its existing customers, the investment by Polaris reinforces their belief in the company as the leading global identity platform. While giving them a direct access to a comprehensive suite of next generation financial technology solutions. IdenTrust is also an active player in several U.S. government programs. One of U.S. premier financial services company will be a significant equity holder in IdenTrust. Polaris has a significant majority in the shareholding pattern. Doyle Arnold, Vice Chairman and CFO, Zions bancorporation said that they have been associated with IdenTrust and its predecessor companies since1996 and have seen them grow tremendously over the years. They have revolutionized the identity authentication solutions business across the U.S. and are confident that the addition of Polaris' experience and reach in the BFSI sector would only add to its success globally. "As a global leader in identity solutions with scalable and globally identity authentication solutions, we occupy a premier position in our field of operations. We needed a partner with scale and reach who can fuel our growth and provide us access to various global markets and we are very excited to join the Polaris family that has a legacy of providing cutting edge solutions to large financial institutions globally." said Karen J. Wendel, Chief Executive Officer, IdenTrust. Arun Jain, Founder, Chairman and CEO, Polaris Software said, "With an increasing dependency on the internet, security solutions that incorporate identity management are a key element in any cloud offering. We believe that IdenTrust, being a proven provider of bank-grade identity authentication in 175 countries, will bring in the required expertise in this area allowing us to create more value for our clients by providing the most secure financial infrastructure solutions."

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