Global Top 10 Bank buys Polaris’ Intellect Platform

Global Top 10 Bank buys Polaris’ Intellect Platform

…Selects for its Services Oriented Architecture (SOA) back plane

Chennai, January 4, 2007: Polaris Software Lab Limited (MUMBAI: POLS.BO), recognised leader in Speciality Application Services for the Banking, Financial Services and Insurance industry, today announced that a Global Top 10 Bank has chosen its Next-Generation, SOA based Intellect Cash and Liquidity Management Platform. The Bank, located in Southern Europe is considered a pioneer in deployment of innovative banking technology.

Polaris’ Solution in the area of Cash Management** has found wide acceptability with global banks due to its rich functionality and modern SOA back plane technology. The solution enables banks to offer liquidity products, letting their customers have rule-based optimisation of their cash.

The engagement that commences this month, involves global rollout of Intellect Cash and Liquidity Platforms. The implementation will begin in the European locations and will then extend to North America and Latin America.

The key differentiator for Polaris’ Intellect Platform is the Service Oriented Architecture (SOA) back plane technology. This permits easy implementation and plugging of essential business functionality into the Bank’s existing technology environment in a non-disruptive manner.

Mr. Arun Jain, Chairman and CEO, Polaris Software Lab, said, “SOA is considered as the 5th big paradigm in the IT industry after Data Centers, PCs/Servers, Business Applications and Internet. Reports published by Gartner reveal that the market for Services Oriented Architecture was $450 Million in 2005 and is expected to reach $ 18.4 Billion by 2012. With a strong SOA back plane for deployment, Polaris is well positioned to ride the SOA wave.”

Mr. Arup Gupta, Chief Operating Officer, Polaris Software Lab, said, “In the last 5 quarters, Intellect Cash & Liquidity Management Platform has been chosen by leading High street Banks in the UK. As I speak, two of the banks are completing their first anniversary of Intellect implementation. This is a significant engagement for Polaris in Southern Europe and will be a great reference in the Hispanic Market globally.”

Mr. Jaideep Billa, Chief Technology Officer Polaris Software Lab, said, “This win reinforces large scale acceptability of Polaris’ SOA back plane technology. The seven layered SOA back plane will enable us to deploy the unique Non-Disruptive Measured Steps (NDMS) methodology to help global banks modernize their Corporate Banking Platforms thereby giving the Bank unmatched benefits of Speed, Scale and Choice.”

**Cash Management -> The customers of the global mega banks have their cash fragmented into multiple accounts in different currencies and locations. Thus they are often faced with a situation where they end up paying interest on debit balances though they have surpluses in other accounts. On top of it, the surplus balances earn marginal or no interest due to market and regulatory conditions.

About Polaris Software Lab

Polaris Software Lab (POLS.BO), recognized Global Leader in Speciality Application Development in the Banking, Financial Services and Insurance is a leading provider of comprehensive products and solution offerings in the banking, financial services and insurance domain. Polaris is among the top 10 global companies focused in this space. With 8000 solution architects, domain experts and technology experts Polaris provides globally integrated technology solutions to several multinational clients. Polaris owns the largest set of Intellectual Properties in the form of comprehensive Product Suite and six Banking Platforms namely Intellect Cash Management, Intellect Consumer Finance, Intellect Wealth Management, Intellect Universal Banking, Intellect Credit Cards & Intellect Risk & Treasury Platform. Headquartered in Chennai, Polaris has its Corporate Banking Solution Centre in Mumbai, Investment Banking Solution Centre in Hyderabad, Retail Banking Solution Centre in Chennai and Enterprise Solution Centre in Delhi. Polaris has offices in Tokyo, Sydney, Hong Kong, Singapore, India, Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New York, Chicago and Fremont. Please visit us at http://www.polaris.co.in/

* Global Services (http://www.globalservicesmedia.com), an international integrated media brand, owned by CMP-CyberMedia LLC featured Polaris in the Global Services 100 lists and rated Polaris as the winner in the category “Specialty Application Development Leaders”

For further information, please contact:

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| Ms. Shashwati Chowdhury         | Mr. Sriganesh / Ms. Vinitha   |
| Corporate Communication         |Ramani                         |
| Polaris Software Lab Limited,   | 20:20 Media,                  |
| Chennai                         | 044- 28260145                 |
| 91-9884488917                   | 91-9840713497/9840368048      |
| shashwati.chowdhury {at} polaris(.)co.i| sriganesh {at} 2020india(.)com       |
| n                               | vinitha {at} 2020india(.)com         |
| www.polaris.co.in               |                               |
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