Polaris Software Lab Limited, a financial technology company, on Friday, said that it had acquired IndigoTX, a SaaS (software as a service) company that provides GO TX, an enterprise brokerage solution for the securities market on a pay per use model.
Polaris, however, did not disclose the cost of the deal. Company officials indicated that the acquisition would be effected in two-phases. In the initial phase, Polaris would take 51 per cent stake and acquire the rest within a time frame. The IndigoTX buy, sources said, would help Polaris gain entry into capital market side of product development space.
According to a release, GO TX brokerage platform is a cutting edge technology platform that runs on a GRID architecture providing tremendous amount of scalability and performance using commodity hardware platforms. The GO TX System allows brokers the luxury of a single platform that provides trading in multiple instruments such as equities, derivatives, mutual funds, commodities and currencies, providing access to multiple markets besides integrating the front, middle and back-office functions.
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"Our trading platform for brokerages is what ERP is to manufacturing. With proven technologies in place, we needed a partner who can fuel our growth and also provide access to various global markets. We are excited to join the Polaris family that has a large reach and reputation as a cutting edge solution provider to large financial institutions," says a release quoting Chandra Balaraman, Founder &CEO of IndigoTX.
"Technology investments continue to be the major bottleneck for many brokerage houses that are nurturing big growth ambitions. GO TX leverages modern technology of software as a service (SaaS) to offer trade based pricing. In effect, brokerage houses can move away from technology related concerns completely and enjoy the freedom of 'pay as you grow," the release quotes Arun Jain, Chairman and CEO of Polaris Software, as saying.