Polaris Software Lab Limited, an Indian financial technology company, acquired 100% of Laser Soft Infosystems Ltd in an all cash deal for about Rs. 52 crores ($11m).
Established in 1986, Chennai-based Laser Soft is a banking software products company, specializing in serving the needs of India & emerging markets.
According to the terms of the acquistion, which will be completed subject to the regulatory approvals, Rs. 35 crores will be paid in cash on closing and the balance amount will be paid out in 2 years contingent to performance.
Publicly-listed Polaris is a banking and insurance software company headquartered in Chennai with offices in all global financial hubs including Tokyo, Sydney, Hong Kong, Singapore, India, Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New York, Chicago, Fremont, Pittsburgh and Chile.
Commenting on the deal, Arun Jain, Founder, Chairman & CEO of Polaris Software Lab, said: “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. Together we will bring a robust and complementary solution-set that is uniquely suitable for emerging markets and will support our market proliferation plan. With this merger we are also expanding our strategic capacity by 600 banking and technology experts”.
According to Suresh Kamath, Founder & Managing Director of Laser Soft Infosystems, the merger with Polaris is highly synergistic in its focus of domain, strength of complementing solutions and organization ethos. “Together with Polaris we will present a compelling and long standing technology proposition for our customers and prospects”, he said.