Polaris Software Acquires Stake In Ojas Venture Backed Tyfone Inc
Polaris Software Lab has acquired a 2.5% stake in US-based Tyfone Inc for $0.5 Mn through its subsidiary Polaris Software Lab Ireland. The deal values Tyfone at $20 Mn.
Polaris Software - founded in 1994 - provides IT solutions to banking, financial and insurance sectors. It provides modernization services and consulting services.
Transaction Reference: Indiainfoline
Founded in 2004, Tyfone Inc is a mobile payments solutions company. Its corporate headquarters is in Portland, US and its Asia-Pacific headquarters is in Bangalore, India. The company has manufacturing relationships in Taiwan and component partners in Israel, Germany, and Singapore.
In 2008, it has raised funding from Ojas Venture Partners, an India-based VC firm floated by Infosys co-founder N S Raghavan.
Earlier this year, Tyfone tied up with US-based payment processing major First Data Corporation to provide MicroSD memory cards equipped with Tyfone’s patented technologies. This would help mobile phones with a memory slot to turn into a mobile contactless payment device.
This year in March, Polaris acquired Chennai-based Indigo TX Software Pvt. Ltd. Indigo TX offers a single platform for trading in multiple financial instruments.
Earlier in Oct'09, Polaris acquired another Chennai-based Laser-Soft Infosystems Ltd. for Rs 52 Cr. LaserSoft provides IT solutions for treasury management, trade finance and cash management. In November 2008, it acquired SEEC Inc for cash consideration of $7 mn. In 2003, Polaris acquired Citibank's banking IT arm OrbiTech Solutions.
In 2002, Polaris formed Optimus Global Services Ltd (Optimus) with a view to enter in the BPO segment. Optimus acquired Bangalore based customer interaction services company iBackoffice to get immediate entry into the BPO space.
Other Indian IT majors are also looking for overseas acquisitions. Earlier in the month, HCL Infosystems acquired 60% stake in Dubai based NTS Group for $6.5 Mn.
Wipro Technologies is acquiring Citibank's data center in Meerbusch, Germany, while Infosys Technologies is also looking for small acquisitions in France and Germany to expand its European Footprint.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 23/08/10 | Tyfone Inc - Polaris Software | M&A | Polaris Software Lab Limited | 0.50 |
| 02/02/08 | Tyfone Inc. - Ojas Venture Partners | Private Equity | Ojas Venture Partners | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 17/05/12 | Private Equity | Looking For | Prizm Payment Services Private Limited | 92.18 | Planned |
| 17/05/12 | M&A | Carzonrent India Private Limited | QCABS | - | Announced |
| 17/05/12 | M&A | Trivone Digital Services Private Limited | Chakpak Media Private Limited | - | Completed |
| 17/05/12 | M&A | Trivone Digital Services Private Limited | WheelsUnplugged.com | - | Completed |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Polaris Software Lab Limited | Arun Jain & Family Polaris Holdings Private Limited Yogesh Andlay |
Polaris Software Lab Ltd. Polaris House, 244 Anna Salai Chennai - 600 006. |
Anupam Global Soft Limited | www.polaris.co.in |
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