Polaris Software Lab Limited (POLS.BO), a global leader in specialty application development in the Banking, Financial and Insurance sectors, today announced that it has signed a Professional Services Agreement (“PSA”) with AIG Global Services, Inc. (“AIGGS”), a wholly owned subsidiary of American International Group, Inc., (“AIG”). Under the terms of the PSA, Polaris will provide IT services to AIG and its member companies around the globe. In connection with this transaction, Polaris has sold its minority interest in AIG Systems Solutions Private Limited (“AIGSS”) to a subsidiary of AIGGS. Polaris played an important role in establishing AIGSS, sharing its physical and communication infrastructure, processes and methodologies which allowed AIGSS to begin to deliver mission critical applications and application management services soon after it was established.

David Grubman, President, AIGSS said, “In 2002, AIG needed a global model to deliver world class applications and we selected Polaris to assist because of our need to move rapidly. Polaris’ tested methodologies and processes as well as our ability to leverage their existing infrastructure allowed us to begin development activities almost immediately. AIGSS and Polaris have developed a strong working relationship and we look forward to continuing to work with Polaris under the PSA structure.”

Speaking at the occasion, Mr. S.R. Ramaswami, Executive Vice President and Head Insurance solutions and Application Certification, Polaris Software Lab Ltd. added “The co-creation outsourcing model which Polaris and AIG put together in 2002, is one of the most innovative, value accretive and secure models, well ahead of its time. We leveraged the benefit of partnering with a global leader in the insurance space to build significantly higher value and deliver higher savings to AIG in building their mission critical applications out of India.”

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