Polaris Software acquires minority stake in Tyfone Inc for Rs2.33 crore

Polaris Software Lab has acquired a minority 2.5-per cent stake in the US-based mobile payment solutions company Tyfone Inc for $5,00,000, (Rs2.33 crore), the company said in a regulatory filing.

Founded in 2004 and backed by India-based Ojas Venture Partners, Tyfone provides software and hardware platforms for bank-branded mobile banking, mobile contact less payments, and mobile merchant services.

With its Tyfone u4ia mobile services platform, Portland, Oregon-based Tyfone enables banks and financial services institutions to provide consumer banking services, online transaction services, and payments services to consumers via the mobile handset.

Tyfone's Asia-Pacific headquarters is based in Bangalore and the company has manufacturing relationships in Taiwan and component partners in Israel, Germany, and Singapore.

The minority stake was acquired by Polaris Software Lab Ireland Ltd, a subsidiary of Chennai-based Polaris Software Lab.

Founded in 1993 and publicly-listed on the Bombay Stock Exchange, Polaris Software is one of the world's most sophisticated financial technology companies. It is the chosen outsourcing partner for 10 of the top 15 global banks and 6 of the 10 top global insurance companies.