Polaris Software wins euro 1.8-m German contract for Orbi products

Our Convergence Bureau
13 February 2003

Chennai: Polaris Software, the city-based banking, financial services and insurance (BFSI) software company, has won a euro 1.8-million contract for its Orbi Pack suite of products from German bank Deutsche Investitions Finanz Bank, part of the Deutsche Leasing Group.

Post-merger with Orbitech Solutions, this is the first sale of Orbi suite of products for Polaris Software. “This deal validates the hypothesis that we have been advocating since the time the merger with Orbitech Solutions was mooted,” says Polaris Software CEO and chairman and managing director Arun Jain.

The company will be implementing the solutions — Orbi-Lending, Orbi-Collateral, Orbi-Core and Orbi-Reports — at Deutsche Investitions Finanz Bank. “The delivery will be over by end-September 2003 with offshore-onsite work volume being equal,” adds Jain.

According to Jain, the company’s strategy is to steadily expand the client base in Europe. “Most of the banking solutions being used by European banks are now two-three decades old, and they have to be replaced. This offers us good potential.”

Says Friedrich Jungling, member, Deutsche Leasing Board of Management: “We will first start use Polaris Software solutions in our bank and later implement the same in our other leasing and finance companies.”

According to Philippe De Geyter, member, Deutsche Leasing Board of Management, the German group is restructuring itself and is expanding its operations in Europe. “We will strengthen our relationship with Polaris Software step by step.”