Prior to that Cognizant Technology Solutions acquired six companies from Germany's C1 Group, and in September, Infosys bought Swiss consulting company Lodestone.

"This gives us not only technology, but existing client relationships in Germany, which is critical," said Manu Parpia, MD and chief executive officer at Geometric.

“Smaller local players in Europe are bleeding, and are looking for buyers," said Rachael Stormonth, senior vice-president at outsourcing advisory and researcher NelsonHall. "Large Indian firms are looking to have a front-end office with German-speaking capability as they understand that they need to be local because personal relationships are important in that market."

The limited market reach and prevailing economic conditions are really helping Indian IT companies to reach out for the European market since the need for technology and openness to offshoring is flourishing.

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