Dear Shareholders:
I am pleased to report on the performance of Polaris Consulting & Services Limited (the
“Company” or “Polaris”), as well as the expansion of business opportunities available
to the Company as a result of the integrationof Polaris into Virtusa Corporation (“Virtusa”), and
creating a market leading IT services partner for the global banking and financial services industry.
In the fiscal year ended March 31, 2017, the Company has seen mixed results, with several positive
outcomes, but with some significant challenges. First, we successfully completed the integration of the
Polaris business into Virtusa, ahead of schedule, and are beginning to see revenue synergies through large
programs at leading global banks, by leveraging the combined strengths of the two entities. Our clients are
responding positively to our digital banking capabilities and solutions, and we are implementing several
innovative digital programs at our clients. Additionally, with the appointment of Samir Dhir as President,
BFS/Polaris, we are making progress against our long term objectives. However, the last fiscal has also been
one that saw unforeseen market events like Brexit, and general softening of demand in the industry. While we
have implemented several measures to absorb and mitigate these impacts, we still saw lower revenue growth and
heavy margin pressure.
In fiscal 2017, the Company has focused on emerging banking needs with specific focus on digital banking
(Open API banking, blockchain, regtech and data sciences), payments, and compliance (PSD2, NPP etc.)
initiatives. Specifically, our investments in creating a strong impetus for fintech innovation using our
FinTech Lab platform has begun to pay dividends with significant client wins.
Our vision is to use domain and technology innovation to accelerate business outcomes for our clients. We
deliver on our vision by supporting our clients’ CXOs in digitally transforming their business,
capturing new markets, and delivering great consumer experiences, while using technology innovation to run
their business more efficiently. The combined capabilities and strengths of Virtusa and Polaris, has resulted
in the creation of a truly differentiated banking technology services provider that is strongly positioned to
be the partner of choice for global banks.
In fiscal year 2018, Polaris will continue to focus its efforts on building differentiated, market
leading capabilities in Digital Banking Transformation. We are committed to becoming a partner of choice for
global banking clients, helping them identify new and adjacent markets they can tap into, co-create
innovative services to service new and emerging consumer demands, and capture & retain leadership position in
the markets they serve.
We will focus on enabling our banking clients digitally transform their business and modernize their
banking operations to cater to the emerging needs of millennial consumers. At the same time, our innovative
outsourcing solutions around automation, cost compression and platforming, will help our clients
significantly improve efficiencies and reduce costs of operations. With our longstanding domain expertise and
successful delivery for global banking and financial service clients, we believe the combination of
Polaris’ and Virtusa’s strengths will help us raise the bar for digital innovation for the
banking and financial services industry.
On behalf of the Polaris Board of Directors, we would like to thank our clients and shareholders for
their ongoing support, and our global team members who consistently provide high levels of service excellence
to our clients.
Sincerely,
Kris Canekeratne
Chairman, Polaris
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