Polaris to focus on legacy modernization
By agencies   |   Tuesday, 10 January 2006, 20:30 IST
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BANGALORE: Polaris Software has said that management consulting firm McKinsey & Co has validated its intellectual property (IP)-based business model and has advised the company to stay focused on the legacy modernization services, where one sees big growth in the financial services space. In order to do the strategic validation, the Chennia-based mid-sized IT firm had appointed McKinsey & Co in mid-2005. Announcing this Polaris Software’s Chairman and Managing Director, Arun Jain said that McKinsey has validated what the company has been doing over the past one-and-half-years since the OrbiTech's merger. “Our production strategy was validated earlier by our customers and now by McKinsey,” he added. McKinsey, believes that the legacy modernization space in which Polaris operated was uniquely available to the company over next 18-24 months, Jain said, adding, “We need to do fast branding to get a quiet mind share in this space rather than in the pure services space the Indian companies are focusing at.” In the last nine months the company has signed up 10 to 11 large banks. This could be the largest no of banks signed in a single year. McKinsey has also suggested Polaris to do effective account mining, i.e., focus on getting additional business from the existing customers, Jain added.

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