Mumbai (India), December 19, 2014:
Intellect Design Arena, the newly-listed banking products arm of Polaris Financial Technologies, will increase its sales and marketing investments as it looks to grow beyond the $100-million topline mark. In March, Polaris had announced that it was splitting its services and products business into separate companies to ensure that each received adequate attention and to help accelerate the products business which had a higher growth potential. Intellect was listed on the stock exchanges in Mumbai on Thursday .
“The products business can grow 20% year-over-year. We will increase our sales investment by `. 50 crore a year to help grow the business further,“ Arun Jain, chairman and managing director of Intellect told ET. Jain said the company had invested ` . 200 crore in sales in 2014 and would invest ` . 250 crore in the next year.
The company would continue to spend `. 100 crore a year in re search and development.
While product companies typically look at acquisitions as a strategy , Jain said inorganic growth would not be a focus in the near term. “Currently , we are looking at cross selling to customers and penetrating the market further for growth. We are not looking at acquisitions for at least the next 24 months,“ he added. Intellect has four lines of business for its products global transaction banking, global consumer banking, risk & treasury management and insurance.
The transaction banking business has greater penetration in markets such as the United States and the United Kingdom and will help businesses such as global consumer banking make headway in those regions. “We will be hiring senior people from the consumer banking sector for those markets to help them move into those regions,“ Jain said.
Intellect has been hiring from its competitors such as Fundtech and from banks including JPMorgan and HSBC, to build a strong base of experienced talent to sell its products.
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