India's financial technology firm Polaris Software Lab is planning to expand its footprint in the European markets beyond continental Europe and Sweden could be the base to cater to the large untapped region.
"We are interested in expanding our European market base and we see Sweden as a potential hub to cater to the northern, central and eastern Europe," Polaris EMEA Chief Operating Officer Chander Singh said.
Polaris is considering joint venture alliances with local service providers, system integrators and others to be able to serve large customers in Sweden and other Baltic and Nordic countries.
"In the next three years, revenue from Sweden and nearby Baltic countries and other Nordic nations should increase four-fold to be in the range of USD 10 million to USD 15 million," Singh said.
The company, which earned USD 300 million revenue last fiscal, gets 85 per cent of its revenue from the banking, financial services and insurance (BFSI) vertical.
Polaris earns one-third of its revenue from the Europe- Middle-East-Africa (EMEA) region and expects to add up to 20 per cent of its revenue from Europe through the expansion planned.
Tuesday, September 22, 2009
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