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News >> Enterprise >>
Polaris plans to expand in Europe, starts with Sweden
By siliconindia
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Bangalore: Indian financial technology firm Polaris Software Lab will soon expand its market in Sweden, to strengthen its presence in Europe. "We are interested in expanding our European market base and we see Sweden as a potential hub to cater to the Northern, Central and Eastern Europe," said Chander Singh, Chief Operating Officer, Europe- Middle-East-Africa (EMEA), Polaris.
Currently, Polaris is considering joint venture alliances with local service providers, system integrators and others to be able to serve large customers in Sweden and other Baltic and Nordic countries. "In the next three years, revenue from Sweden and nearby Baltic countries and other Nordic nations should increase four-fold to be in the range of $10 million to $15 million," Singh said.
Polaris gets 85 percent of its revenue from banking, financial services and insurance (BFSI) vertical. In the last fiscal, the company earned revenue of $300 million. The company earns one-third of its revenue from the EMEA region and expects to add up to 20 percent of its revenue from Europe through the planned expansion.