Polaris Financial technology is planning to divest the business of American company – IdenTrust Inc which it acquired last April.
According to BSE filings, the business of IdenTrust Inc is classified by the US Government as critical to its security infrastructure. The technology and several patents owned by IdenTrust over the last few years have given cutting edge differentiation to the business of IdenTrust.
For these reasons, the US Government imposed that the company must be controlled by US entities only.
Polaris FT has therefore decided to enter into negotiations with interested parties in the US within the next 12 months.
Sunnyvale, California-based Druva Inc., a cloud-first data protection solution provider, announced receiving $51 million in funding. This round of funding was led by existing investor Sequoia India, along with participation of new investors such as Blue Cloud Ventures, Hercules Capital, and Singapore-based EDBI. Existing investors like Japan’s NTT Finance (financial arm of Japanese telecommunications company Nippon Telegraph and Telephone Corporation), Nexus Venture Partners and Tenaya Capital also contributed to this round.