Chennai-based Polaris Software Lab, a financial technology company, has plans to expand its operation to 40 countries over the next five years.

In addition, the company, in order to strengthen its insurance portfolio business has decided to set up a centre of excellence for insurance near Chennai, with an investment of around Rs 100 crore to develop new solutions and to service company’s insurance clients.

The company would employ over 2,500 workers at a constructed area of 2.5 lakh square feet. The facility is expected to get commissioned within 18 months.

During the initial phase, the company would launch its operations in Vietnam, Egypt and Chile this year. Further, the company has also plan to look for a partner or company for acquisition in these countries.

It should be noted that Polaris would offer its services to the companies and banks in these nations either through joint venture or its subsidiaries.

Last year in October, the company had acquired US-based insurance technology firm SEEC. Post acquisition, Polaris now services six out of top 10 insurance companies in the world and has over 23 insurance corporations as its clients.