Infosys, TCS others get Euro 1.8 B contract from ABN Amro

By agencies   |   Thursday, 01 September 2005, 19:30 IST
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NEW DELHI: In one of the largest outsourcing deals, ABN Amro bank has signed a 1.8 billion Euro contract with five IT-vendors including Tata Consultancy Services, Infosys and IBM. TCS and Infosys, India's two largest private IT companies, would provide application support and enhancement to ABN Amro bank for its worldwide operations, while IBM has been selected for IT infrastructure, according to ABN Amro bank's notification to Amsterdam Stock Exchange. All five vendors -- TCS, Infosys, IBM, Patni Computers and Accenture have been selected to supply application development. According to Infosys this is the single largest multi- year multi-million Euro contract ever won by the company and the company's share of the overall contract includes committed volumes in North America, Europe and Asia Pacific. "This is a landmark deal for Infosys," Nandan Nilekani, CEO, President and Managing Director of Infosys, said. This deal clearly indicates that large offshore players like Infosys have a competitive business model to deliver large, global, multi-year contract. The landmark engagement is expected to generate committed revenues for TCS of over Euro 200 million over the next five years. Leveraging its Global Delivery Model, through centers in Latin America and Hungary, TCS will manage a major part of ABN AMRO's Application Support and enhancement services for its operations in the Netherlands, Brazil as well as its Private Client Business globally. In addition, TCS will also provide Application Development for the Dutch Bank as one of the top five preferred suppliers and deliver ABN-AMRO's Strategic Banking Platform. "TCS has been investing continuously to build its global delivery model and best-in-class execution abilities. The milestone engagement with ABN Amro is a complete and irrevocable validation of our global delivery strategy," said S. Ramadorai, TCS Chief Executive Office (CEO) and Managing Director. TCS' operations grew over 60 percent in Europe last year. The ABN AMRO contract will provide an ideal platform to grow in emerging markets in Latin America and continental Europe and is a testimony to the growing presence and impact of TCS in a key area of European business - banking and financial services.

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