Indian IT outsourcing firm Tata Consultancy Services
(TCS) has acquired a 75% stake in Swiss partner, TKS-Teknosoft in a
Swiss Francs 100.5m (£42m) deal.
TKS-Teknosoft is a software provider with established operations
in Europe. Its partnership with TCS has covered a series of
technology projects, including the delivery and maintenance of the
Swiss securities clearing and settlement system.
The acquisition is aimed at giving TCS a presence in France and
Switzerland and boosts its banking and financial services
portfolio, with TCS acquiring TKS’s Alpha private banking product
and its e-Portfolio wealth-management sector product as part of the
deal.
The new products will give TCS – which already owns the Quartz
platform for wholesale banks and proprietary products in the
treasury, custody, clearing and settlement sectors – a
comprehensive finance portfolio.
N Chandrasekaran, TCS’s executive vice-president and global head
of operations, said, “TKS has developed strong relationships with
several multinational companies in these markets and TCS can
leverage these relationships through its direct presence.
The acquisition also brings over 100 professionals into TCS, all
of whom have good experience in the European markets.
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