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.
Bengaluru based WhiteCross Health Initiatives Private Limited, which runs private clinic chain under the WhiteCross brand, has raised an undisclosed amount of angel funding from Kumar Srivatsan and Kavitha Ravi.