Polaris to double revenue from insurance vertical

Wednesday, 21 January 2009, 16:27 IST
Printer Print Email Email
Chennai: The city-based banking software major Polaris Software Lab hopes to double its revenue to $40 million next year from insurance vertical following the acquisition of US-based insurance product and component services player SEEC, said a top company official here Tuesday. Last November, the company's Singapore subsidiary acquired SEEC for around 370 million (37 crore). Replying to analysts Tuesday after declaring the company's third quarter results, Polaris Chairman and Managing Director Arun Jain said: "We are entering the insurance vertical in a significant way. We have a total of 40 clients now - 20 of Polaris and 20 from SEEC." While modernisation of legacy systems in insurance companies will form the backbone for Polaris in the insurance vertical, it will also look at offering front office solutions, Jain added. For the third quarter ended December, Polaris' net profits rose 94 percent to 371 million compared to 191 million in the corresponding period last fiscal. The revenue of the company grew by 32 percent to 3.72 billion during the third quarter as against 2.82 billion in the corresponding period last year. Also, Polaris declared an interim dividend of 30 percent. Meanwhile, the share price of the company rose as the scrip opened at 34.95 and closed at 44.35 Tuesday. "In the first nine months, we have recorded over 1,000 crore (10 billion) revenues. Despite the tough macro economic situation, we are confident of growing over 20 percent in FY10, with our composite portfolio of products and services," company's Executive Director and COO Arup Gupta said. According to Jain, "The company will be going beyond America and Western Europe for new business."
Source: IANS