Polaris Software Lab Ltd has signed up a professional services contract with AIG Global Services to offer up software services to American International Group and all its partners throughout the world.

R. Srikanth, Polaris Executive Vice President and CFO, stated, “Since we will be providing IT services to AIG, the parent company and all its affiliated companies around the globe, it is a significant transaction for Polaris.”

Mr. Srikanth did not reveal the size of the contract nor the anticipated revenue from the deal.

In association with this deal, Polaris has sold its 20% stake in AIG Systems Solutions Pvt Ltd for Rs 232.6 million to a unit of AIG Global, which is a wholly-owned subsidiary of American International.

In 2002, Polaris entered into a deal to establish AIG Systems, through which it had to route all its services to the AIG Group.

“However under the terms of the current agreement, we are no longer bound by that restriction and we have sold off our stake in that venture,” Mr. Srikanth added.