Mergers and Acquistions News
Categories: IT Services & Consulting
October 15th 2009, 11:21AM
Polaris Software has acquired Laser Soft Infosystems in a cash deal costing RS 52 crores (£6.76 million).
Upon meeting regulatory approvals, RS 35 crores will be paid in cash, with the balance in two years depending on performance and funded by internal accruals.
The acquisition is part of the company's vision to achieve market leadership through expansion and intellect expansion.
"Together we will bring a robust and complementary solution-set that is uniquely suitable for emerging markets and will support our market proliferation plan," explained Arun Jain, founder of Polaris Software Lab.
The merger will see strategic capacity expanded by 600 banking and technology experts, he added.
Headquartered in Chennai, Polaris has offices in financial hubs worldwide, from the Americas to East Asia, and owns the largest set of intellectual properties in the form of product suite Intellect Global Universal Banking.
Laser Soft was established in 1986 and specialises in the Indian and emerging markets, with proven solutions in core banking, cash management, mutual funds and trade finance.
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