Polaris Software Lab Ltd, a Chennai-based financial technology company, has acquired IndigoTX, a SaaS (software as a service) company that provides Go Tx, an enterprise brokerage solution for the securities market, said a company statement. The deal size of the transaction is not disclosed.
Go Tx helps brokers trading in multiple instruments such as equities, derivatives and commodities in a single platform window, integrating the front, middle and back-office functions. The company runs the platform on a pay per use model. It allows brokerage firms a complete control over their large span of business operations in real-time, added the statement.
The shares of Polaris were traded at Rs 177.25, up by Rs 5.95 or 3.47% at 4.30 pm in the BSE today. Citigroup, which held 45% stake in Polaris, made partial exit selling around 16% stake in the company till January this year.
According to the company website of IndigoTx, venture capital firm UTI-VF is an existing investor in the company, while UTI website doesn’t carry any information on the same. VCCircle could not confirm the development independently from UTI.
Arun Jain, founding chairman & CEO, Polaris Software, said, in the statement, “Technology investments continue to be the major bottleneck for many brokerage houses that are nurturing big growth ambitions. Go Tx leverages modern technology of SaaS to offer trade based pricing.”
Polaris has a comprehensive range of products and services in financial space, and offers consulting services as well. Besides India, it has operations in overseas markets including Tokyo, Sydney, Hong Kong, Singapore, Dubai, Bahrain, Riyadh and London. Last year, it has acquired Laser Soft Infosystems, a software product company in Chennai. Prior to that, it acquired SEEC Inc, a technology firm in the US.