Mumbai (India), December 18, 2014:
The share lists at Rs.69.25 and closed at Rs.72.70 per share, registering a gain of 4.98% on NSE
The firm has already invested $10 million for setting up digital lab in Chennai and plans to set up lab in Mumbai at a cost of $5 million.
Intellect Design Arena Ltd, the demerged BFSI focused product company from Polaris Group, lists on the country’s premier National Stock Exchange (NSE), and BSE Ltd.
The share lists at Rs.69.25 and closed at Rs.72.70 per share, registering a gain of 4.98% on NSE on Thursday. “Intellect, the demerged products division of Polaris Consulting & Services, is today—a 100 million dollar start-up company.
“It is world’s first full spectrum banking products company and currently generates annual revenues of over Rs.550 crore from product installations in 30 countries across 200 customers. The company has big growth plans which includes setting up of Labs in Mumbai and New Jersey in US,” Intellect Design chairman & managing director Arun Jain told reporters after ringing the ceremonial bell at the NSE on Thursday.
The company is poised to expand and scale into a global powerhouse. We are setting up a Interactive Guidance and Control Lab (IGCL) in New Jersey in US for $15 million, which is expected to be operational by September 2015, Jain said.
He said the company has already invested $10 million for setting up digital lab in Chennai and plans to set up lab in Mumbai at a cost of $5 million. The listing is a decisive step and the logical progression of a company with deep expertise, Intellectual Property and a global customer base, the company said.
“The major investments in design and development to create the product suite and the FT 8012 Design Centre with its path breaking methodologies and processes are behind us. It is now a question of how aggressively we invest in sales to increase our market share.
“Intellect, as a legal entity, has cash reserves in excess of Rs.280 crore and positive net worth to fund the investments required for growth that we envisage,” Intellect Design chief financial officer, S. Swaminathan said.
About Intellect Design Arena Ltd.
Intellect Design Arena Ltd, a Polaris Group company, is the world’s first full-spectrum banking products company with rich Intellectual Property developed over 25 years of deep banking domain experience, and the FT 8012 Design Centre, the world’s first design centre for financial technologies. Intellect’s products are built on the iDigital Platform with a range of products across :
- Global Consumer Banking (iGCB) : Core Banking; Loan Servicing; Debt Management; Loan Origination; Collateral & Limit Management; Wealth; Financial Advisor; Cards; Omnichannel; Payments
- Risk & Treasury Management (iRTM) : One Treasury; Basel III with Zf Risk Visualisation; Brokerage; Mutual Fund Exchange; Custody
- Global Transaction Banking (iGTB) : Corporate Banking Exchange; Customer Onboarding; Payments Services Hub; Receivables Management; Cash Management; Liquidity Management; Funds Control; Trade Finance; Supply Chain Finance; Treasury
- Insurance (intellectSEEC) : Distribution(Agent Workspace; Service & Distribution Exchange; Customer Distribution Exchange); Underwriting (Underwriting Workstation); Claims (Claims; Life Claims in the Cloud); Business Apps (Needs Analysis; Quote; e-App; Product Configurator); Business Component Software ( Business Component)
The Intellect iDigital Platform and suite of specialist products addresses the needs of financial institutions in varying stages of technology adoption and intelligent integration of legacy systems. And enables progressive digital transformation of banks for ever greater operational efficiencies, while being relevant and available across all forms of engagement: whether mobile, tablets or laptops. At the heart of this digital transformation that Intellect enables are the Operations Hubs for banking processes, and the Apps Vault for customer engagement and experience.
Intellect generates annual revenues of over Rs.550 Crore from product installations in 30 countries across 200 customers. The company’s performance is driven by over 3,000 Intellect solution architects, domain and technology experts, with a presence in major global financial hubs around the world. For further information on the organization and its solutions, please visit www.intellectdesign.com