Shares of Nucleus Software Exports Ltd have spurted by close to 10 per cent after the company announced that it would collaborate with Red Hat, a provider of open source solutions, so that customers gain from operational speed and cost benefits through wider choice of technology platforms on which to run its software.

In a filing with the stock exchanges, Nucleus Software, which provides banking products to the financial services sector in 50 countries, said its collaboration with Red Hat, a provider of open source solutions, would enable it to offer its customers globally a “faster, more cost effective technology platform”.

The company said that its products were used in banking operations in more than 50 countries. As banks and financial institutions were faced with pressure to improve their IT infrastructure and operations even while cutting down costs, the collaboration between the two companies would provide “scalable, proven and cost-effective solutions” to achieve that.

Avnish Datt, Head of Global Strategy at Nucleus, said the collaboration with Red Hat would enable its customers achieve greater business value through a “faster, more cost-effective technology platform”.

Jagjit Singh Arora, Director of Regional Sales, Red Hat India, expressing happiness over the increased opportunities in the banking and financial space, said his company would further streamline its offerings so that customers and partners could “enjoy accelerated deployment of applications and get to the market faster”.

The solution to be jointly offered by the two companies will be launched in at least 10 countries, the release said. 

Shares of Nucleus Software are up by 9.63 per cent or ₹17.65, to ₹201 on the NSE. The stock touched a high of ₹209.20 before ceding some of its gains.

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