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This is an archive article published on July 15, 2000

Polaris Software net zooms 126

Chennai, July 14: Polaris Software Lab Ltd has reported a net profit of Rs 11.03 crore Rs 4.89 crore for the first quarter ended June 20...

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Chennai, July 14: Polaris Software Lab Ltd has reported a net profit of Rs 11.03 crore Rs 4.89 crore for the first quarter ended June 2000, an increase of 126 per cent. The turnover grew 99.85 per cent to Rs 52.80 crore Rs 26.42 crore.

In the last quarter, the company added 328 associates. Polaris currently has 1,763 professionals. To meet the growth needs, the software outfit has decided to commission one more development centre in Chennai, the work for which will begin in August.

The software outfit specialises in banking, finance and insurance software solutions. It has recently set up a development campus near Chennai with high speed data links and optic fibre cables for broadband access.

According to the press release, Polaris, by capitalising on its horizontal domain expertise in web technologies, has expanded in several vertical domains. The company has also bagged a contract to implement the e-card/e-pay e-wallet virtual card for a European bank. The company has tied up with Forte Software Inc, a wholly-owned subsidiary of Sun Microsystems, for system integration work.

PolarisPoint, a banking product has been developed by the company and has tied up with Marshall amp; Ilsley Corporation to implement the product. Himachal Pradesh State Co-operative Bank will use the solution to automate 25 of its branches.

 

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