Polaris to purchase business of Pyxis

Source : IANS
Last Updated: Wed, Oct 17, 2012 14:20 hrs

Chennai, Oct 17 (IANS) Polaris Financial Technology Ltd Wednesday announced that it has signed a definitive business purchase agreement with Pyxis to strengthen its consulting capabilities in the global markets space.

Established in 2005, Pyxis is a highly-specialised player in technologies for global markets front office and market risk, related to cash and derivatives instruments, Polaris said.

"The Pyxis team members are experts in high-end derivatives. The company is small and lacks scale whereas Polaris has the scale. The consulting assignments of the Pyxis team may also lead to downstream business for us and hence the deal is apt for us," Kedarnath Udiyavar, head of Polaris' consulting business told IANS.

According to him, the deal would bring Polaris around six clients including one or two of its existing ones for different services.

He said risk is one area that all the global majors are now focussing and spending on that has become non-discretionary.

Pyxis bridges the gap between business and technology by using its core strength in the derivatives domain. It offers services covering foreign exchange, interest rate, credit and equity asset classes to its global financial clients.

According to Pyxis' founder and CEO Nandlal Bhatkar, joining Polaris will provide the team access to many more global opportunities.

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