TCS buys Australian firm for $26 M

By agencies   |   Friday, 21 October 2005, 07:00 Hrs
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MUMBAI: India's biggest software exporter Tata Consultancy Services has acquired a Sydney-based Financial Network Services (FNS), for $26 million.

Announcing this the company’s CEO and Managing Director, S Ramadorai said: “It is TCS’s first major international acquisition, is great value as well as strategic in nature.” The acquisition will enhance TCS’s asset-based solutions for the banking industry, besides giving global banking customers, he added.

FNS has already associated with TCS, its FNS core banking solution it was implementing for SBI, the largest solution rollout implemented in the world. With this acquisition now TCS will also have its own core banking solution, like i-flex Solutions and Infosys.

So far the FNS solution has been implemented in three major Indian banks. Ramadorai said: “We are planning to compete aggressively in the core banking enhancement and replacement market by leveraging its unique capabilities developed on complex banking projects in major global financial markets."

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