Polaris Software acquires Laser Soft Infosystems
15 Oct 2009
Polaris Software Lab Limited, a leading financial technology company, today signed a definitive agreement to acquire 100 per cent of Laser Soft Infosystems Ltd in an all-cash deal for about Rs52 crore.
The acquisition will be subject to the regulatory approvals, the company said in a release.
As per the terms of the agreement, Rs35 crore will be paid in cash on closing and the balance amount will be paid out in 2 years contingent to performance, and will be funded entirely through internal accruals. The acquisition will also be EPS-accretive for Polaris.
Established in 1986, Laser Soft is a leading banking software products company, specialising in serving the unique needs of India & emerging markets. The company has proven solutions in core banking, trade finance, treasury, cash management, mutual funds and loans serving over 50 customers, including leading banks such as Corporation Bank, State Bank of India, ICICI Bank, Mashreq Bank, Catholic Syrian Bank, Andhra Bank, EXIM Bank of Tanzania and KEP Trust, Kosovo.
The solutions are benchmarked and recognised for sites having more than 20 million accounts, winning Best Technology Awards consistently for its ability to deliver high-performance banking at the lowest total cost of ownership. "This acquisition is in line with our stated Polaris 3.0 vision of achieving market leadership in financial technology through focus on account expansion and intellect expansion, the release said.
"Together we will bring a robust and complementary solution-set that is uniquely suitable for emerging markets and will support our market proliferation plan," it added.