With the acquisition of Laser Soft, Polaris Software Lab is aggressively
eying at fulfilling its core banking portfolio, competing with established
players like Infosys (Finacle) and I-flex (Flexcube). It expects to grab more
market share in the Indian and emerging markets.
Says R Srikanth, executive vice president and chief financial officer,
Polaris Software Lab says, Our products like the Global Universal Banking (GUB)
cover the western world and global banks. We have been in a strong position in
terms of modular banking, but were lagging behind in core banking.
Laser Soft, he adds, is doing extremely well in the domestic/Indian market.
Like, the entire core banking of Corporation Bank runs on Laser Soft
platform, so does Catholic Syrian Banks. Laser Soft will compliment our
products and not only help us enhance the core banking portfolio, but also help
establish strong foothold in the domestic market, which we can take to other
emerging markets as well.
|We would now compete directly|
with Infosys and I-flex in India with respect to core banking installation
Talking about the present market he elaborates, We would now compete
directly with two companies in India with respect to core banking installation,
namely Infosys (Finacle) and I-flex (Flexcube). Therefore, in terms of market
positing, we would be counted among top three companies with equally smart
Furthermore, the company would now be very competitive from technology and
also the pricing aspect, he says.
Resonating the vision, Srikanth adds that the acquisition is in line with its
stated Polaris 3.0 vision of achieving market leadership in financial technology
through focus on account expansion and intellect expansion. This might also come
through other strategic acquisition as well, based on the market trends and
The entire process of integration is expected to take fourteen to fifteen
months. Meanwhile, Laser Soft will continue as an independent firm.
Post the integration, B Suresh Kamath, present CMD of Laser Soft will be
roped in the management, where he would be handling core banking with a major
focus on Laser Soft portfolio.
The Chennai based financial technology company has announced to acquire 100%
of Laser Soft Infosystems in an all cash deal for about Rs 52 crore ($11 mn).
Laser Soft was established in 1986, with specializing in serving the unique
needs of India and emerging markets.
The company has proven solutions in core banking, trade finance, treasury,
cash management, mutual funds, and loans serving over fifty customers including
leading banks such as Corporation Bank, State Bank of India, ICICI Bank, Mashreq
Bank, Catholic Syrian Bank, Andhra Bank, EXIM Bank of Tanzania, and KEP Trust,
The solutions are benchmarked and recognized for sites having more than 20 mn
accounts, winning best technology awards consistently for its ability to deliver
high-performance banking at the lowest total cost of ownership.
Together we will bring a robust and complementary solution set that is
uniquely suitable for emerging markets and will support our market proliferation
plan, says a confident Srikanth.