Mumbai, India, December 19, 2014: Intellect Design Arena Limited (a Polaris Group company), the world’s first full-spectrum banking products company listed today on the country’s premier National Stock Exchange (NSE), and Bombay Stock Exchange (BSE), Mumbai. Arun Jain, Chairman & Managing Director, commenced the day’s trading by ringing the ceremonial bell at the National Stock Exchange.
Intellect, the demerged products division of Polaris Consulting & Services Limited, is a company with formidable Intellectual Property Capital developed over the last decade, and proven performance with installations in banks in the most advanced markets. The company is poised to expand and scale into a global powerhouse.
Deep banking domain expertise, coupled with investments of Rs 800 Crores over the last ten years in developing the world’s first full spectrum of banking products has made Intellect the company with the most advanced technologies for bank’s with global businesses. Coupled with the world’s first Design Centre for financial technologies launched last year, Intellect is positioned at the forefront of the digital transformation that global banks are looking for in a connected world. All the company’s products are built on the iDigital Platform that makes them scalable, extendable, secure and able to facilitate digital transformation of banking operations and customer experience.
Intellect currently generates annual revenues of over Rs.550 Crore from product installations in 30 countries across 200 customers. The acceptance of Intellect in the global market place is evident from the distribution of revenues with 47% in Americas & Europe and 53% from the rest on the world. The Reserve Bank of India and Sweden’s Central Bank, the oldest central bank in the world, both run of Intellect’s Central Banking Products and are testimony to the quality and mission critical nature of the products that Intellect develops.
Arun Jain, Chairman & Managing Director, Intellect Design Arena Limited, commenting on the listing, said, “This is a momentous day for me not only as part of my personal journey of learning, but also for the team which placed their belief in the vision for Intellect, and worked with passion and perseverance to make the company what it is today- a 100 million dollar company with the soul of a start up.”
He further added, “When listing on the stock exchanges was first proposed, it appeared to be a Herculean task. However, from board decision to listing took just nine months with the active support and cooperation of the High Court, RoC, SEBI, NSE and BSE. Their support made it a smooth process and we thank them for making this day possible faster than expected.”
S Swaminathan, Chief Financial Officer, Intellect Design Arena Limited said, “The listing is a decisive step and the logical progression of a company with deep expertise, Intellectual Property and a global customer base. The major investments in design and development to create the product suite and the FT 8012 Design Centre with its path breaking methodologies and processes are behind us. It is now a question of how aggressively we invest in sales to increase our market share. Intellect, as a legal entity, has cash reserves in excess of Rs 280 Crores and positive net worth to fund the investments required for growth that we envisage.”
World’s first full spectrum banking products suite:
Intellectual’s robust iDigital platform enables products across four distinct lines of businesses: Global Transaction Banking (iGTB) headed by Manish Maakan based in London, Global Consumer Banking (iGCB) headed by Jaideep Billa based in Singapore, Risk & Treasury Management (iRTM) led by Venkatesh Srinivasan based in Mumbai, and the Insurance (Intellect SEEC) line of business headed by Pranav Pasricha based in New York. Each of these lines of business are supported by a full-fledged management team with expertise and experience across diverse markets.