CHENNAI, India, April 27, 2011 /PRNewswire-FirstCall/ --
- 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
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, http://www.polarisFT.com/ Tel: +91-9962536442, Email: [email protected]
SOURCE Polaris Software Lab Ltd.