Polaris Software Lab Ltd has acquired the remaining 49 per cent stake in IndigoTX, a SaaS (software as a service) company that provides an enterprise brokerage solution called GO TX for the securities market, the company has disclosed in a statement to the Bombay Stock Exchange today. However, terms of the transaction were not announced.
In March 2010, Polaris had acquired 51 per cent stake in IndigoTX.
GO TX helps brokers trading in multiple instruments, such as equities, derivatives and commodities, and provides a single platform window, integrating the front, middle and back-office functions. The company runs this platform on a pay-per-use model. It also allows brokerage firms complete control over their large span of business operations in real time.
Shares of Polaris Software closed at Rs 119.85 a unit on the BSE, down 4.84 per cent in a weak Mumbai market on Wednesday.
Polaris, with operations in overseas markets including Tokyo, Hong Kong, Singapore, Dubai, Bahrain, Riyadh, London and Sydney, had invested in Tyfone, Inc. (a mobile payments solutions company) in 2010 besides acquiring SFL Properties. Earlier this year, Polaris had also acquired a majority stake in IdenTrust, Inc.
