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MUMBAI, India and
April 9, 2013 /PRNewswire/ -- Tata Consultancy Services (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions firm announced today that it has signed definitive agreements for the acquisition of 100% equity shares in Alti SA, an IT services company in
France, for a value of € 75 million in an all-cash transaction. The acquisition will strengthen TCS' ability and footprint to service its customers in
France and other regions in
Alti SA is a leading French technology services firm with strong expertise in IT Services including Enterprise Solutions, Assurance and CRM solutions. It is a privately-held company owned by its management and two private equity funds, CM-CIC LBO Partners and IDI, which supported its growth from a revenue base of € 64m in 2007 to € 126 m in 2012. Regarded as one of the top 5 system integrators of Enterprise Solutions in
France, its key customers comprise several top French corporations in the banking, financial services, luxury, manufacturing and utilities sectors. The company has 1,200 employees based in
The transaction is subject to customary closing conditions.
Mr. N. Chandrasekaran,
CEO and Managing Director, TCS, said, "This acquisition underlines our long-term, strategic commitment to
France, which is the third largest IT services market in
Europe. The acquisition of Alti SA will help us serve our clients in
France and across
Europe more comprehensively with an expanded set of services and solutions, bringing the best of TCS to French corporations. I am confident that this acquisition will help us accelerate our growth and presence in
Assessed at over € 30 billion, the France IT Services market is largest in
Europe, after the UK and
Germany. TCS has been operating in
France since 1992 and has over 50 clients in the country, including several of the CAC 40. Over the last 5 years, TCS has significantly strengthened its position in the country through local hiring and investments. In recognition of these initiatives, the company had been conferred the special award for Investment and Innovation by the Greater Paris Investment Agency in 2012. This acquisition will propel TCS into the list of the top IT services firms in the country.
Andre Bensimon, co-founder of Alti SA added, "This is a significant step that will benefit both our clients and employees. Supplementing our current services with TCS' renowned global expertise will provide tremendous additional value to our clients; while our employees will secure the advantages of building their careers in a larger global organization, which is considered a Top employer in
TCS had been rated earlier this year as a "BIG 4" brand in the Global IT services Industry, as a leader in Customer satisfaction across various surveys and recognized as the #1 ranked Top employer in
Europe by the CRF Institute.
About Tata Consultancy Services Ltd. (TCS)Tata Consultancy Services is an
consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of
assurance services. This is delivered through its unique
Global Network Delivery Model™, recognised as the benchmark of excellence in software development. A part of the Tata group,
India's largest industrial conglomerate, TCS has over 263,000 of the world's best-trained consultants in 44 countries. The company generated consolidated revenues of US
$10.17 billion for year ended
March 31, 2012 and is listed on the National Stock Exchange and Bombay Stock Exchange in
India. For more information, visit us at
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SOURCE Tata Consultancy Services