Polaris Software enters Belfast

13 April 2006

Mumbai: Banking, finance and insurance technology major, Polaris Software Lab Limited (MUMBAI: POLS.BO) today announced that it would set-up a banking and financial application certification centre in Belfast, Northern Ireland, assisted by Invest Northern Ireland (Invest NI).

The new Belfast centre, based at the Northern Ireland Science will be developed in three phases. Starting as a certification centre, which will provide independent quality assurance software testing, and as the operation develops and the communications infrastructure is upgraded, software development activities will be introduced.

The third phase will focus on the provision of round-the-clock technical support for customers in Europe. At the end of the third phase, Belfast will be a full fledged near shore software development centre and Mercury-certified, banking and financial application centre.

The Rt. Hon Peter Hain, MP, secretary of state for Northern Ireland, who signed the agreement with Arun Jain, CEO and chairman, Polaris Software Lab, said, "Polaris is a world class company focused on becoming the global market leader in financial and banking software. It is, therefore, an excellent investment that will enhance substantially Northern Ireland's reputation as a European software centre of excellence and its developing position in the global financial services industry."

He added "This landmark investment of £1.5 million offered by Invest NI to Polaris Software is the first green field software investment by an Indian technology company on the island of Ireland. It will make a significant contribution to government initiatives to transform Northern Ireland into a world class knowledge-led and innovation driven economy. It will provide good quality employment opportunities for graduates and postgraduates from our two universities, thus highly contributing to the local economy over the next three years.

"The investment by such a respected industry leader sends the strongest possible signal to other Indian technology companies seeking a location from which to access the huge European market that Northern Ireland offers the best possible solution. Our benefits for investors such as Polaris include the availability of highly educated people with domain expertise, competitive operating costs, excellent telecommunications, an attractive incentives package and ease of access to its target markets," he added.