Polaris Software Lab, a leading global provider of banking, insurance and financial technology solutions and strategic offshore IT services, and Algorithmics Incorporated, a world leader in enterprise risk management solutions,has announced their partnership which establishes Polaris Software as an Algorithmics consulting partner and integrator within the European marketplace.

Through this non-exclusive agreement, Polaris Software will now be able to leverage Algorithmics' market leading solutions and services in its sales activities within the European BFSI market.

Commenting on the partnership, Mr. Cubillas Ding, Securities & Investments Market Analyst covering risk management, regulation and compliance, Celent, said, "We are continuing to see institutions aggressively trying to manage the economics of delivering their risk related projects. Although Tier 1 banks have a better cushion in absorbing Basel II/risk management implementation overheads, the cost equation is still a pertinent concern.

This is especially true for small/mid-tier institutions and emerging market banks, for which costs may be more prohibitive relative to their size. For Tier 1 clients, Algorithmics and Polaris bring together a shared track record of delivering risk projects, reinforce internal execution capabilities, and for smaller institutions especially, an added-dimension of a cost-effective route-to market for Basel II implementations."

Mr. Arun Jain, Chairman & CEO, Polaris Software Lab added, "By leveraging Algorithmics' strengths in enterprise risk management and Polaris' offshore capabilities and industry expertise, this partnership will provide significant value to the BFSI market. The combined expertise of both the companies will strengthen each other's existing service offerings, thereby offering clients world class project management solutions."

"We are pleased to welcome Polaris Software as a consulting partner and as a member of our Algo Integrator program," said John MacDonald, Vice President and Managing Director of Algorithmics EMEA operations. "They have a solid track record of executing technology based solutions within the financial services industry.