Polaris Positioned as a Leader in Magic Quadrant for International Retail Core Banking

London, New York and Chennai, India - 8 November 2011

Polaris Software, a leading global Financial Technology Company, today announced that Gartner, Inc. has positioned Polaris in the Leaders Quadrant of the recently released 'Magic Quadrant for International Retail Core Banking (IRCB) 2011' report(1) for its Intellectâ„¢ Global Universal Banking (GUB).

As per the report, “The evaluation for the Magic Quadrant for International Retail Core Banking for 2011, began with 48 product candidates, and resulted in a qualified group of 20 vendors and corresponding products that represent the major movers in the retail core banking system market. This final group submitted information ranging from long-term strategies to product road maps. Additionally, Gartner conducted interviews with reference banks to assist in resolving the placement of group finalists on the Magic Quadrant.”

Don Free, Principal Research Analyst, Gartner comments in the report, “As banks search for a competitive edge, strategic decision criteria and the available technologies will determine the best vendor and product fit. Successful banks will navigate the considerable risks associated with these replacement programs through maintaining good governance, keeping abreast of current technology trends and being knowledgeable about the state of the vendor landscape. Thus, as banks reassess their capacity to support this shift in business focus, it's clear that technology is in the cross hairs to serve as the catalyst for growth.”

Polaris' Intellect GUB is a pure play Service Oriented Architecture (SOA) based application suite comprising Core banking, Lending, Trade, Treasury and Internet banking for delivering mission-critical solutions to manage the complete lifecycle of banking operations. Intellect GUB is a feature-rich solution that addresses the critical need for a scalable, flexible, secure and customer centric core-banking platform.

Speaking on the occasion Mr. Arun Jain, Chairman & CEO, Polaris Software, said, "I am very happy with our position in the Leaders Quadrant, which I believe is a testimony to our long-term vision and commitment of delivering best in class core banking services to retail banks globally. Polaris has the distinction of partnering with the top 3 global retail banks as a catalyst in their growth agenda, and this inclusion reaffirms the company's long-term vision and commitment to deliver the most superior financial technology solutions in the global marketplace."

As per Gartner, Leaders are “Vendors that demonstrate strong development methodologies, and all of these vendors have a measurable strategy for disaggregating core banking software functionality into component-based constructs. Many vendors possess methodologies for quality assurance or execute on a strategic road map to attain certification. Most vendors maintain a strong banking market understanding through methodical processes and have extensive marketing delivery and sales channels. Although there are many well-balanced vendors/products in this quadrant, some are in transition and possess evolving products, process maturity, or both.”

(1) Gartner, Inc.: “Magic Quadrant for International Retail Core Banking” by Don Free, 21 September, 2011

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