Mumbai (India), December 18, 2014:
In expansion mode S Swaminathan (left), Chief Financial Officer, with Arun Jain, CMD, Intellect Design Arena Ltd, at a press conference in Mumbai on Thursday
“I believe that a good chunk of the next $100 billion for the Indian IT industry must come from software products.”
Intellect Design Arena, the financial products company from the Polaris Group, is set to establish application design centres in Mumbai and New Jersey (US) for a collective investment of $20 million.
The two centres will function as design labs where Polaris’ cross functional teams will work with customers to develop and customise applications around operations efficiency, performance, analytics, risk management, integration and security.
“The entire endeavour is to create design centres closer to where our major customers are. I believe that a good chunk of the next $100 billion for the Indian IT industry must come from software products,” said Arun Jain, Chairman and Managing Director of Intellect Design Arena.
The New Jersey centre would be operational by third quarter of next financial year, Jain added. The Mumbai centre, which will be housed within its existing setup in the city, will be the first to go on stream. In September, Chennai-based software solutions firm Polaris Financial Technology got the Madras High Court’s clearance to demerge its product business into a separate entity called Intellect Design Arena. Subsequently, shareholders of Polaris received one share of the new entity for every share held in the software company.
Listed on BSE, NSE: Intellect, which currently generates annual revenue of about $100 million, was listed today on the National Stock Exchange and the Bombay Stock Exchange.
Jain believes that Intellect is a $100-million company ‘with the soul of a start-up.’ Intellect scrip opened at 69 and closed at 72.45 on the BSE today.
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