17 December 2017
visit www.ebaday.com

Polaris to buy Laser Soft Infosystems

15 October 2009  |  5112 views  |  0 Taj Mahal

India's Polaris Software Lab has agreed to buy banking software firm Laser Soft Infosystems in an all cash deal worth around Rs52 crores ($11 million).

Polaris will pay Rs35 crores on closing, with the rest due in two years contingent on performance. The acquisition will be funded entirely through internal accruals and will be EPS accretive, says the buyer.

Established in 1986, with around 600 staff at centres in Chennai, Bangalore, Hyderabad and Mangalore, India's Laser Soft specialises in providing IT to financial services companies in emerging markets.

The vendor has over 50 customers - including Corporation Bank, State Bank of India, ICICI and Mashreq - for its various systems, which cover core banking, trade finance, treasury, cash management, mutual funds and loans technology.

Arun Jain, CEO, Polaris, says: "Together we will bring a robust and complementary solution-set that is uniquely suitable for emerging markets and will support our market proliferation plan."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UBS agrees sale of Indian BPO unit to Cognizant

UBS agrees sale of Indian BPO unit to Cognizant

15 October 2009  |  6305 views  |  0 comments
Acquisition news drives up Polaris Software and GL Trade

Acquisition news drives up Polaris Software and GL Trade

04 August 2008  |  5560 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.atos.netvisit www.response.ncr.comvisit www.ebaday.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
10616 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
10226 views comments | 18 tweets | 36 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
7502 views comments | 9 tweets | 10 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7313 views comments | 19 tweets | 22 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6724 views 0 | 4 tweets | 2 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job