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Given the global meltdown in the BFS space, companies like Polaris, which are predominantly deriving revenues from this vertical are expected to get hit. But Polaris managed to pull out two growth quarters. Polaris attributes the good results to its geographical spread and non-dependence on one particular geography.

For instance in the second quarter of FY 09, 37% of the revenues came from the Americas while 30% and 32% came from the Middle East and APAC (including India) respectively. In Q2 alone the company added fourteen new customers with four wins for its intellect suite. During the quarter its insurance practice also got strengthened with the acquisition of SEEC, a US-based insurance major. The company launched a COE for Algorithmic, an enterprise risk management solution used by more than 300 financial institutions globally. The COE is aimed at building capacity and service opportunities in the current and emerging markets.

With financial markets going into a quagmire, Polaris has given an outlook that companies and customers would be requiring more solutions to tide over the crisis. The one key advantage that Polaris has is the many IP-based solutions it has on the SOA framework. This enables it to deploy custom specific apps with little turn-around time and ability to tap the apps modernization space.

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