In Fiscal 2004-05 Polaris saw its growth slowing down to 22% as against 50%
the previous year. The company’s revenues are under stress and it needed to
garner new mandates for sustaining its position in the BFSI space. The company
successfully re-aligned its OrbiOne banking solutions around Intellect Suite.
The biggest challenge Polaris confronted over the year was positioning its
products against competition. The third quarter of FY 2005 was significant for
Polaris, when it bagged an order from the National Bank of Abu Dhabi. The
company has also upped its North American operations by opening an office in
Ottawa. On the product development side, it added biometrics authentication
functionality to its banking software and integrated it with its identity and
access management called Intellect Armor. Subsidiary Optimums, launched a
business infrastructure solution for the credit card industry.