TCS ties up with South Korean firm

Friday, 26 November 2004, 08:00 Hrs
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MUMBAI: Tata Consultancy Services (TCS), India's largest software company, has tied up with a South Korean company to tap the IT market in that country.

TCS said the agreement with Korean IT services and systems integrator TongYang Systems Corp (TYS) is part of its strategy to target the South Korean market, specially the banking, finance and insurance industries.

With this partnership, both the companies will be in an advantageous position to execute larger projects that need localisation in Korean and local support, said the company statement.

"This partnership brings unique benefits and competitive advantages to the Korean market," said Girija Pande, regional director (Asia Pacific) of TCS, the IT service arm of one of India's largest business conglomerate, Tata group.

"Customers can now benefit from higher quality solutions, as well as a wider range of offerings," he said.

As part of the agreement, which is expected to bring higher business volumes for both TCS and TYS, the Indian company will ramp up research and development efforts to improve local software development and implementation processes.

"This partnership will increase both parties' abilities to expand and exploit opportunities in providing market leading IT services to Korean organisations," said Ja Hong Ku, chief executive officer for TYS.

TCS reported consolidated revenues of $1.56 billion in the fiscal year 2003-04. The company is listed on the National Stock Exchange and Bombay Stock Exchange in India.

Source: IANS
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