POLARIS SIGNS IT SERVICES AGREEMENT WITH AIG

Mumbai
The Economic Times The Financial Express Business StandardPolaris Software Lab Ltd said on Tuesday that it has signed a professional services agreement with AIG Global Services to provide software services to American International Group and all its affiliates globally.

"Since we will be providing IT services to AIG, the parent company and all its affiliated companies around the globe, it is a significant transaction for Polaris," Executive Vice President and CFO, R Srikanth said. He did not disclose the size of the deal nor the expected revenue from the transaction.

In connection with this deal, Polaris has sold off its 20 percent stake in AIG Systems Solutions Pvt Ltd for 232.6 mn rupees to a unit of AIG Global, which is a wholly-owned subsidiary of American International.

In 2002, Polaris entered into an agreement to set up AIG Systems, through which it had to route all its services to the AIG Group. "However under the terms of the current agreement, we are no longer bound by that restriction and we have sold off our stake in that venture," Srikanth said.