Polaris Plans To Divest IdenTrust Biz
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.
Polaris acquired 85% stake in IdenTrust for $20 Mn in April last year. IdenTrust was founded in 1999 by a group of financial institutions including Citigroup, Bank of America, Chase, Barclays, HSBC, and Deutsche.
It is a provider of digital identity authentication services to the United States federal government, numerous US state governments, the US Department of Defence as well as energy and supply chain markets.
Last month, Polaris acquired Lumis Partners backed Pyxis Systems Private Limited to strengthen its consulting capabilities in the Global Market Space, while last year it fully acquired Indigo Tx Software a software as a service (SaaS) player.
The company was also planning to allocate $100 Mn to acquire two – three product companies in next four year, as a part of its plan to double its current revenue within the period.
Earlier this month, Merrill Lynch Capital Market invested R7.67 Cr in Polaris through bulk deal on NSE.
The company plans to expand its service offerings in its FT Grid from current core banking services to other segments in near future.s
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