Polaris buys 85 pc stake in US-based IdenTrust for $20mln

The Chennai-based company would make an investment of USD 20 million for the acquisition od stake in the digital identity authentication services provider, according to Polaris Software Lab Founder-Chairman Arun Jain.

Through this initiative, Polaris Software Lab will foray into the cloud computing space to offer financial technology solutions. Cloud computing is Internet-based computing whereby shared resources, software and information are provided to computers and other devices on demand.

"Investment in US-based global leader in Trusted Identity Solutions uniquely positions Polaris to drive the most robust digital security infrastructure in the US and European markets," Jain said.

"With increasing dependency on the Internet, security solutions that incorporate identity management are a key element in any cloud offering. 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," he said.

IdenTrust (formerly Digital Signature Trust Company) is a provider of digital identity authentication services to the United States federal government, numerous US state governments, the US Department of Defence as well as energy and supply chain markets.
"We needed a partner with scale and reach who can fuel our growth and provide us access to various global markets and we are excited to join the Polaris family that is providing solution to large financial institutions globally," IdenTrust CEO Karen J Wendel said.
IdenTrust was founded in 1999 by group of financial institutions including Citigroup, Bank of America, Barclays, HSBC and Deutsche Bank.