TCS acquires majority stake in Swiss partner

Mumbai, Oct 31 (UNI) Tata Consultancy Services (TCS) has announced that it has expanded its portfolio of banking products and consolidated its European operations after completing the acquisition of 75 per cent equity stake in its Switzerland-based partner TKS-Teknosoft (TKS) from the promoter for Swiss franc 100.5 million.

''This acquisition is very important on two fronts. It gives TCS a direct presence in the key markets of Switzerland and France with an ability to serve customers with a single face, from sales to delivery,'' said TCS CEO and MD S Ramadorai in a statement issued to BSE.

''The TKS acquisition also helps TCS expand its product portfolio in the banking and financial services space, not only by acquiring marketing and distribution rights to Quartz but also by adding new products in the private banking and wealth management space,'' added Mr Ramadorai.

As part of the transaction, the company has also acquired Alpha and e-Portfolio products from TKS. Alpha gives a strong foothold for the company in the private banking segment and as does e-Portfolio in the emerging wealth-management segment. The acquisition of these two products, together with existing the company products like FNS core banking system, the Quartz platform for wholesale banks and its proprietary products in the treasury, custody, clearing and settlement gives customers access to a comprehensive product portfolio owned and supported by the company.

''This acquisition is a winning proposition for all stakeholders.

TKS has developed strong relationships with several multinational companies in these markets and TCS can leverage these relationships through its direct presence,'' said N Chandrasekaran, Executive Vice President and Global Head of Operations.

''The acquisition also brings over 100 professionals into TCS, all of whom have tremendous experience in the European markets,'' he added.

Founded in 1985 by Pierre E Page, TKS-Teknosoft SA is a Swiss-based software solutions provider with well-established operations in Europe. Last year, TKS earned revenues of Swiss franc 71.5 million and net income of Swiss franc 9.6 million. The firm has 115 employees.

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