Tata Consultancy Services (TCS), the leading global IT services and consultancy organization, announced that it had expanded its portfolio of banking products and consolidated its European operations after completing the acquisition of 75% equity stake in its Switzerland-based partner, TKS-Teknosoft (TKS), from the promoter for CHF 100.5 million.
âThis 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,â said S. Ramadorai, CEO and MD. âThe 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 QUARTZÂ® but also by adding new products in the private banking and wealth management space,â added Mr. Ramadorai.
As part of the transaction, TCS has also acquired ALPHA and e-Portfolio products from TKS. ALPHA gives a strong foot-hold for TCS 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 TCS products like FNSâ core banking system, the QUARTZÂ® 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 TCS.
âThis 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,â said N. Chandrasekaran, Executive Vice President and Global Head of Operations. âThe acquisition also brings over 100 professionals into TCS , all of whom have tremendous experience in the European markets,â Mr. Chandrasekaran added.
âTKSâ hard work as an ambassador of Indiaâs outsourcing strengths and skills in IT has resulted in such an ideal solution, guaranteeing further development of what TCS and TKS have achieved togetherâ said Pierre E. Page, chairman, TKS.
Founded in 1985 by Pierre E. Page, TKS-Teknosoft SA is a Swiss-based software solutions provider with well-established operations in Europe. Thanks to its unique business model in partnership with TCS, TKSâ has a credible track record of successful implementations of key technology projects in Europe, including the delivery and maintenance of the securities clearing and settlement system of Switzerland.
In CY2005, TKS earned revenues of CHF 71.5 million and net income of CHF 9.6 million. The firm has 115 employees.