The directors of Polaris Financial Technology have decided to enter into negotiations with U.S.-based companies to sell the business of IdenTrust, which was acquired by the company in April last year.
In a notification to the stock exchanges, Polaris said that the business of IdenTrust Inc. is classified by the U.S. government (CFIUS-Committee for Foreign Investments in U.S) 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 U.S Government imposed that the Company must be controlled by U.S. entities only.
Accordingly, the board of Polaris which met on Monday has considered and approved the decision to enter into negotiations with interested parties in the US within the next 12 months. In its 2011-12 annual report, Polaris said it had successfully launched the world’s largest FT (financial technology) grid with a capacity to cater to 100 million customers in partnership with IdenTrust and IBM. It enabled Polaris to offer its Financial Technology infrastructure and banking products on a pay-per-use (cloud) model to banks and financial institutions with industry-standard hardware, middleware, RDBMS and network connectivity components changing the face of banking globally.
