Polaris provides financial technology products, legacy modernization services and consulting for core banking, corporate banking, wealth & asset management and insurance sectors through 12 development centers.
With close to 7,650 employees, Polaris serves its customers in India, the Asia Pacific, Europe, and the US.
Polaris’ retail banking services include digital banking, process consulting and transformation, and core banking and lending services, while corporate banking services comprise digital banking, cash management, trade finance, liquidity management, and consulting services besides many others.
Virtusa chairman and CEO Kris Canekeratne said: "Polaris brings a terrific team and an attractive, blue-chip client base to our organization.
"The combination of Virtusa and Polaris will enable us to provide end-to-end global BFS services and solutions, expand our addressable market, and position us to pursue larger consulting and outsourcing opportunities."
Polaris’ corporate and investment banking services will complement Virtusa’s expertise in consumer and retail banking.
Upon completion of the acquisition, Citigroup Technology would designate Virtusa and Polaris as a preferred vendor for global technology resource strategy for the provision of IT services to Citi on an enterprise-wide basis.
Virtusa expects to make over $100m of cumulative revenue synergies over the next three fiscal years from the business combination.
