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Polaris Software Lab was incorporated in 1993 and is now one of India’s leading institutions contributing to the knowledge economy of the global financial services marketplace. In a quest for knowledge opportunity, spanning over the last 2 decades (11 years as Polaris), Polaris has established its solutions and services footprint globally contributing to the realization of the business vision of some of the world's leading giants in the money vertical. Polaris is organized into 7 Business Solution Centers (BSCs). Each BSC houses expertise in one of the domain areas.
20 years ago, Citigroup began its quest to pioneer the utilization of the vast human intellect capital in India & the seeds of Polaris were sown. Polaris was fortunate to be one of the first vendors that Citigroup chose to partner with, through this Indian quest. Simultaneously Citigroup also started its own company called COSL (Citibank Overseas Software Ltd) which strategized and operationalized Citigroup's vision of leveraging India.
Polaris is an amalgamation of two organizations that traveled the path of successfully architecting & realizing Citigroup's India led vision.
The company has built its expertise on Investment Banking, Retail Banking, Credit Cards, Corporate Banking, Insurance etc, and is now associated with some of the worlds most prestigious financial services institutions like Citigroup, UBS, Lloyds TSB, SEB, Shinsei Bank, MHB, & Deutsche Leasing.
The strength of Polaris lies in its people. A unique blend of techno–bankers, banking & insurance practitioners, technology experts & quality process gurus help Polaris create enduring value in any relationship. Polaris was recognized by Smithsonian Institute in 1993 for creating the first ever banking solution on distributed architecture.
HP India and Polaris Software Lab have entered into an agreement to jointly market and deliver a range of solutions covering software, services and system integration for businesses in India.Polaris Retail Infotech (PRIL), a subsidiary of software services company Polaris Software Lab entered into a partnership with IBM to launch a software application ‘Intellect Store’ for retail stores. Intellect Store will enable owners of retail stores to keep track of their stock as well as the customers in all stores simultaneously.
In 2010 – Polaris Software Lab, acquired IndigoTX, a SaaS (software as a service) company that provides GO TX, an enterprise brokerage solution for the securities market on a pay per use model.Polaris.
Polaris Software Lab, in order to implement Core Banking Solutions in all its 22 District Central Cooperative Banks spread across the state, Laser Soft, its group firm, has received a project from Andhra Pradesh State Cooperative Bank (APCOB).
The company offers Intellect Suite of Products namely Intellect Cards, Intellect Front Office, Intellect Universal Banking, Intellect Consumer Finance, Intellect Cash & Liquidity, Intellect Risk & Treasury, Intellect Portals, Intellect Wealth Management and Intellect Securities Services.
The company is having different divisions like Investment Banking, Retail Banking, Credit Cards, Corporate Banking, and Insurance
In March 2014 Polaris Financial Technology Ltd, demerged its Products (Intellect) business into an independent entity.
- 1993–Polaris Software Lab Ltd Incorporated
- 1994–End to End Retail banking solution for Citi Bank India
- 1995–Quality Processes aligned to SEI– CMM Level 3 and Konark Trust formed
- 1996–Operations set up in USA
- 1997– First Overseas development Centre commissioned for CITI Bank. Wholly owned subsidiary found in Singapore and USA also Polestar Trust got started. Initiated the Navalur Facility Polaris awarded ‘Most Innovative Company’
- 1998– First large offshore contract CDC started wholly owned subsidiary in UK Quality Processes Aligned to SEI– CMM Level 4Quality Processes ISO –9001 certified Birth of Polaris Retail Infotech Limited
- 1999 –Crossed 1000 Associates milestoneInitial Public Offering, over–subscribed by 21 times First ATM Development Lab, First Secure Lab awarded ‘Best International Business Excellence’ Award
- 2000 –‘Foundation’ – a State–of–the–Art Development center inaugurated. Wholly owned subsidiaries in Germany, Switzerland and Australia Ranked among 'Fab Five' companies in India by Intelligent Investor Rated amongst Forbes World’s Best Small Companies
- 2001 – Formed a wholly owned Subsidiary in Ireland and commenced operations in Japan. Gurgaon Campus inaugurated the World’s First CMMi level 5 company. NASSCOM felicitates Polaris Software rated as the 'Fastest growing company in India' by Computers Today and Business World
- 2002 – Opened Business Continuity Centre in Singapore also 2nd Time Ranked amongst Top 200 Best Small Companies in the World. Ranked among Top 25 Best Employers in the country. Launch of Adrenalin. Ranked among Top 10 IT Wealth Creators – Business Today
- 2003 – Historic merger with OrbiTech (Citigroup Subsidiary) Birth of Intellect and Optimus Received ‘The Banker Technology’ Award
- 2004 – Crossed 5000 associates mark Became BS 7799 Certified Super–Specialty center for Financial Risk Management at Mumbai Launch of Intellect Suite of Products for Banking Solutions and Inaugurated ‘Intellect Court’ at Navalur
- Ranked 9th by NASSCOM Top 20 Exporters Received Mother Teresa Corporate Citizen Award
- 2005 – Launch of next generations Intellect Banking Platforms and Incorporation of Subsidiary in Canada
- 2006 – World’s First Super Specialty Center for Investment Banking, The Capital, Hyderabad Near Shore Centre in Belfast. Entry into Latin America and got recognized as Global Leader in the Specialty Application Development by Cybermedia
- 2007– ‘Corporate Banking’ New Center in Mumbai and Launch of PACE Lab in Sydney
- The Banker’s Award for Intellect Treasury
- Entering New Markets like Southern Europe & Nordic 2nd Year in a row – Global Leader in the Specialty Application Development Near–shore Testing Center at Canada
- 2008 –Opened new Branch office in Seoul, Korea
- 2011 – Polaris Financial Technology wins OPN specialized India ISV of the year award.
Polaris Launches Intellect FABX on iPad at Harvard Club of New York City
- 2014– Polaris Launches Life Claims in the Cloud at the ACORD LOMA Forum