Announcement from Polaris Financial Technology
During our 3rd Quarter results in January 2013, the Board of Directors authorised the Management Team to explore options that would provide an impetus to the company for the next stage of its growth. The context was around leveraging untapped potential in our growth engines i.e. Services, Products and the canvas of opportunities that are available to us as a leading Specialist in the global Financial Technology arena.
In line with the stringent Governance principles the company follows, stakeholders have been updated on progress. As announced, the major legs of the restructuring process have been completed last quarter in Q3 2014.
With its singular focus on Banking & Financial Technology for over 2 decades, Polaris has built very robust and comprehensive assets to spearhead transformational projects for the BFSI vertical.
The restructuring exercise has been misconstrued by a certain section of stakeholders with repeated mention of possible sale. Despite the company clarifications, these rumours continue to surface, impacting customer relationships, distracting Management and employees.
Polaris is not for sale. The company is poised to leverage its rich assets in banking and technology to accelerate growth of its two distinct businesses – Products (Intellect) business and IT Services business.