Polaris Takes Majority Stake in IdenTrust
May 9, 2011
An Indian financial services technology provider has acquired a majority stake in digital identification authentication firm IdenTrust Inc. IdenTrust was founded in 1999 by a group of financial institutions that included Citigroup, Bank of America, Chase, Barclays, HSBC, and Deutsche. The system provides applications that use electronic identities that establish contracts, grant authority, support secure encrypted data and information storage and secure online interactions/transactions. The acquisition means Chennai-based Polaris Software Lab Limited now counts 10 of the largest financial institutions in the world as its clients. “With increasing dependency on the Internet, security solutions that incorporate identity management are a key element in any cloud offering,” said Arun Jain, founder, chairman and CEO of Polaris Software. “We believe that IdenTrust, being a proven provider of bank-grade identity authentication in 175 countries, will bring in the required expertise in this area allowing us to create more value for our clients by providing the most secure financial infrastructure solutions.” Terms of Polaris’ investment were not disclosed.