Polaris Software Lab Ltd, a Chennai-based financial technology company, has made an investment that gives it 85.3 per cent equity in the US-based IdenTrust Inc., subject to all relevant regulatory approvals.
Zions Bancorporation, a US-based financial service company, will be another minority equity holder in IdenTrust while Polaris has a significant majority in the shareholding pattern. Through this investment, Polaris will enter into the cloud computing space for financial technology solutions.
“With increasing dependency on the Internet, security solutions that incorporate identity management are a key element in any cloud offering. We believe that IdenTrust will bring in the required expertise in this area, allowing us to create more value for our clients by providing the most secure financial infrastructure solutions. We are getting into a new area with this significant investment,” said Arun Jain, founder, chairman & CEO of Polaris Software.
Established by a group of financial institutions including Citigroup, Bank of America, Chase, Barclays, HSBC and Deutsche, IdenTrust is the provider of digital identity authentication services to several key banks, US federal identity programmes, as well as supply chain markets. The company provides applications that use electronic identities to establish contracts, grant authority, support secure encrypted data and information storage and secure online interactions/transactions. Its digital security products like Trust SignTM in the certificate space and Trust PrimeTM in the eBAM space give highest levels of security on a cloud interface.
“IdenTrust and Polaris are both innovative and powerful players in the banking space. Together, we are planning to drive even more new products and services on a global basis,” said John Sculley, chairman of the board of directors, IdenTrust.
Chennai-based Polaris Software Lab has on board 10,000 solution architects, domain and technology experts and manufactures products for retail, corporate, investment banking and insurance segments. The company also has global presence in key financial hubs including Tokyo, Sydney, Hong Kong, Singapore, Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New York, Chicago, Fremont, Pittsburgh and Chile.