Page 38 - IACC Newsletter August-September 2013 Issue 13

Basic HTML Version

The product portfolio of various Directi businesses includes communication and collaboration applications, social
networking software, instant messaging, context analysis engines, anti-spam and antivirus solutions among others.
Endurance, founded in 1997 by Indian-origin Hari Ravichandran, owns a slew of online sites such as, iPage
and among others.
Copyright © Kasturi & Sons Ltd, All Rights Reserved.
Illinois based John Deere inaugurates new tractor factory in MP
John Deere has set up its second tractor factory in India at Dewas, Madhya Pradesh. It will build agricultural tractors to
meet the requirements of the small land holding customers in the domestic market and for export to other nearby
markets. “There is a growing demand from customers in India for John Deere products,” said Samuel R. Allen, Chairman
and CEO, Deere & Company.
In 2011, Deere announced it will invest $80 million for the new factory and broke ground in early 2012. Eventually the
site could provide approximately 1,000 jobs.
“This is an ideal location for our second tractor manufacturing facility in India because of its proximity to our farm
equipment customers,” said Mark von Pentz, president of Deere’s Worldwide Agriculture & Turf Division, adding that
India has seen an increased mechanisation of farming in India over the past several years.
Copyright © Kasturi & Sons Ltd, All Rights Reserved.
US-based Parallax buys IdenTrust from Polaris
The US-based private equity fund Parallax Capital Partners has acquired IdenTrust, from Polaris Financial Technology,
Chennai, for an undisclosed sum.
IdenTrust offers trusted identity solutions to global financial institutions, government agencies and corporations. The
Chesapeake Group, a technology and outsourcing services focused investment banking boutique, advised IdenTrust, Inc
on this sale, according to a press release.
In April 2011, Polaris acquired 85.3 per cent in IdenTrust for $20 million. Last year, Polaris announced that it would
divest its stake in IdenTrust. Aishvarye Sinha, Principal and Head, India, Chesapeake Group, in the release, said, “We are
seeing a reversal of trends with several Indian companies exploring divesting assets, a pick-up in in-bound merger and
acquisition transactions and significant buyer interest for delivery capability in India.”
On the Bombay Stock Exchange, the stock price of Polaris closed at Rs 126.05, up by Rs 8.45 per cent over the closing
price of previous day. In a separate press release, Polaris Financial has announced that Nationwide Financial of the US
will implement Polaris’ Intellect Claims solution to enhance claims process, increase customer experience and
demonstrate compliance with regulatory requirements.
The solution comprises claims workstation, service portal and an integrated beneficiary management system, says a
press release. Pranav Pasricha, Global Head, Insurance, Polaris, said this is a significant win for Polaris in the enterprise
product space. It not only provides the required validation for the product in the life insurance market, but also paves
the way to build a bigger brand in the North American insurance market.
Copyright © Kasturi & Sons Ltd, All Rights Reserved.