Top 10 Specialty Application Development Providers — Winner Polaris

Polaris has been able to grab the top position for the second time as well
by Juhi Bhambal Global Services

This is Polaris’ second consecutive Global Services 100 win in the specialty applications development category. What did the company do right in the last year to retain its top spot?

It sought to specialize itself further by setting up delivery centers focusing on investment banking (Hyderabad, India), retail banking (Mumbai, India) and corporate banking (Chennai, India). The 2,000 staff at Hyderabad is already servicing seven of the top ten global investment banks. Because of its specialization strategy, Polaris commands 10%–15% premium on its services compared to competition.

Moreover, unlike most other Indian service providers in the financial domain that service primarily U.S. customers, Polaris has a global portfolio. While the industry averages 60% U.S.-based clients, Polaris has only 40%. It brings in an additional 30% each from Europe and Asia-pacific.

The company has also worked to expand its client portfolio. Until last year it had a heavy dependence on the Citi Group, with 60% of its revenues coming from it. This year that has come down to approximately 45%.

Going forward, acquisition is ruled out because of the super-specialty nature of the company, and growth will have to come organically. With the IT budget of its client portfolio being $40 billion and the company’s revenue at $200 million, Polaris is confident that it will.


Top 10
1.
Polaris
2.
Softtek
3.
Darwin Suzsoft
4.
i-flex solutions
5.
I.T. UNITED
6.
Scicom (MSC) Berhad
7.
Etech
8.
Globant
9.
ITC Infotech
10.
Zensar Technologies

S T A T S
CEO: Arun Jain
Skill set: Applications development
Verticals: Banking, financial services
Customers: Citi Group, GE, Bear Stearns
Delivery centers: India
Employees: 6,500 (approx.)
Revenue: $179,520,000 (est. 2006)
Year founded: 1993
Website: www.polaris-america.com