Polaris Enters Cloud Computing Space Through Strategic Investment in IdenTrustTMBy Polaris Software Lab Ltd., PRNE
Tuesday, April 26, 2011
Investment in US-based Global Leader in Trusted Identity Solutions Uniquely Positions Polaris to Drive the Most Robust Digital Security Infrastructure in the US & European Markets
CHENNAI, India, April 27, 2011 - Polaris Software Lab Limited (POLS.BO), a leading global
Financial Technology Company today announced a strategic investment in
IdenTrustTM, a global leader in trusted identity solutions and one of the
premier providers of digital identity authentication services to several key
banks, United States federal identity programs as well as supply chain
markets. This strategic investment will mark Polaris' entry into the cloud
computing space for Financial Technology solutions.
IdenTrust(TM) Inc. was founded in 1999 by a group of financial
institutions that included Citigroup, Bank of America, Chase, Barclays, HSBC,
and Deutsche. As the only bank-developed identity authentication system,
IdenTrustTM provides a unique legally and technologically interoperable
environment for authenticating and using identities worldwide. IdenTrustTM
shareholders include 20 banks, and the company brings an existing customer
base of ten of the world's largest banks; a portfolio of patents, and
associated intellectual property.
For IdenTrustTM, Polaris' global customer base is a logical
channel and network accelerator, and for its existing customers, the
investment by Polaris reinforces their belief in the company as the leading
global identity platform, while giving them a direct access to a
comprehensive suite of next generation financial technology solutions.
Ms. Karen J. Wendel, Chief Executive Officer, IdenTrustTM
said, "As a global leader in identity solutions, we occupy a premier position
in our field of operations. We needed a partner with scale and reach who can
fuel our growth and provide us access to various global markets. We are
excited to join the Polaris family that has a legacy of providing cutting
edge solutions to large financial institutions globally."
Mr. Arun Jain, Founder, Chairman & CEO, Polaris Software said,
"With increasing dependency on the Internet, security solutions that
incorporate identity management are a key element in any cloud offering. We
believe that IdenTrustTM will bring in the required expertise in this area
allowing us to create more value for our clients in Financial Infrastructure
solutions. We are excited about getting into a new area with this significant
investment that shows our long term commitment to being a one-stop shop for
all FinTech needs."
For Media queries, contact: Dwaipayan Deb, Polaris Software, www.polarisFT.com/ Tel: +91-9962536442, Email: firstname.lastname@example.org
Tags: April 27, Chennai, India, Polaris Software Lab Ltd.