Polaris Software to take full control of Indigo Tx Software
25 Nov 2011
Chennai-based Polaris Software Lab is acquiring the 49 per cent stake it does not already own in Indigo Tx Software Pvt. Ltd, subject to certain legal formalities.
Polaris Software Lab, which recently changed its name Polaris Financial Technology Ltd is currently owning 51-per cent of its subsidiary Indigo Tx Software.
The announcement comes after Polaris last month announced that its BPO unit Optimus would be integrated into the parent company.
Polaris acquired majority stake in Indigo TX in March last year for about Rs8 crore and ''has an obligation to acquire the balance equity at a price to be determined based on the future financial performance over a period of six years.
Indigo TX's brokerage platform runs on a GRID architecture providing tremendous amount of scalability and performance using commodity hardware platforms.
The system allows brokers the luxury of a single platform that provides trading in multiple instruments such as equities, derivatives, mutual funds, commodities and currencies, providing access to multiple markets besides integrating the front, middle and back-office functions.
