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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