Polaris Software Completes Buyout Of Chennai-Based IndigoTx

Polaris Software Lab Ltd has acquired the remaining 49 per cent stake in IndigoTX, a SaaS (software as a service) company that provides Go Tx, an enterprise brokerage solution for the securities market, the company disclosed in a statement to Bombay Stock Exchange today.

Terms of the transaction were not announced.

Earlier in March 2010, Polaris had acquired 51 per cent stake in IndigoTX. Go Tx helps brokers trading in multiple instruments such as equities, derivatives and commodities in a single platform window, integrating the front, middle and back-office functions.

The company runs the platform on a pay per use model. It allows brokerage firms a complete control over their large span of business operations in real-time.

On Bombay Stock Exchange, shares of Polaris Software closed at Rs 119.85, down 4.84 per cent in a weak Mumbai market on Wednesday.

Polaris that has operations in overseas markets including Tokyo, Sydney, Hong Kong, Singapore, Dubai, Bahrain, Riyadh and London besides India, had last year also invested in Tyfone Inc, a mobile payments solutions company besides acquiring SFL Properties. Early this year it also acquired a majority stake in IdenTrust Inc.