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Polaris to set up centre in Bangalore
By siliconindia
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Friday, 16 July 2010, 22:15 IST
Bangalore: As part of expanding its presence, Chennai based Polaris will open a new office in Bangalore which will serve as the back office development centre to support growing business opportunities.
The company has posted a 46 percent growth in profit at 
46.60 crore in the first quarter ending June 30, 2010 against 31.84 crore in the same period last year.
Its revenues rose by 18 percent to 367.96 crore. On the geographical distribution of the revenues, the U.S. contributed 46 percent, EMEA (Europe, Middle East and Africa) 24 percent and Asia Pacific 30 percent. The company said its software product Intellect registered 16 wins. On the outsourcing space, Polaris has bagged seven contracts during the first quarter.
Arun Jain, Chairman and CEO of Polaris, said that the company is planning to enter untapped markets like Africa, Eastern Europe, Russia, Latin America, Central America and China. "In the coming quarters we will have direct sales force in each of these countries who would explore the market opportunity for us. We would build sales infrastructure in all these countries and as first step we would tap the African market," he added.
Now, the company is working on cloud computing for banks. Recently the company has bagged a deal from Andhra Pradesh state co-operative bank to implement core banking solution in its 22 branches across the state.
46.60 crore in the first quarter ending June 30, 2010 against 31.84 crore in the same period last year.
Its revenues rose by 18 percent to 367.96 crore. On the geographical distribution of the revenues, the U.S. contributed 46 percent, EMEA (Europe, Middle East and Africa) 24 percent and Asia Pacific 30 percent. The company said its software product Intellect registered 16 wins. On the outsourcing space, Polaris has bagged seven contracts during the first quarter.
Arun Jain, Chairman and CEO of Polaris, said that the company is planning to enter untapped markets like Africa, Eastern Europe, Russia, Latin America, Central America and China. "In the coming quarters we will have direct sales force in each of these countries who would explore the market opportunity for us. We would build sales infrastructure in all these countries and as first step we would tap the African market," he added.
Now, the company is working on cloud computing for banks. Recently the company has bagged a deal from Andhra Pradesh state co-operative bank to implement core banking solution in its 22 branches across the state.