Mumbai, April 27: Financial technology company Polaris Software Lab today made a foray into the cloud computing space by making an investment in a digital identity authentication services provider, IdenTrust.
Cloud computing is Internet-based computing whereby shared resources, software and information are provided to computers and other devices on demand.
This acquisition will mark Polaris’ entry into the cloud computing space for Financial Technology solutions, Polaris Software Lab said in a filing to the Bombay Stock Exchange.
However, the company did not disclose the financial details of the investment.
“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,” the company said.
Polaris will have a significant majority in the shareholding pattern, while Zions Bancorporation, a financial services provider, will maintain a substantial minority position.
-Agencies