U.S.-based TCG Software to set up facility in Mumbai

Tuesday, 25 February 2003, 08:00 Hrs
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NEW DELHI: TCG Software, a U.S.-based technology and IT consulting firm, Monday said it would set up a new software development and services centre in Mumbai to outsource product development and maintenance activities to India.

The facility will be set up exclusively for Financial Technologies International, a technology solutions provider to the global banking and securities industry, said a joint press statement issued here.

The centre will undertake end-to-end processing of Financial Technologies. New Jersey-headquartered TCG Software will operate the development and services centre in association with Financial Technologies.

"We are very excited with this unique deal as it is for the first time that a U.S. company is outsourcing end to end processing to India," said Bhanu Singh, chief executive officer of TCG Software.

"This validates the unique business model of TCG Software of working strategically with its clients as their long-term partner," he added.

TCG's global clients include Sybase, United Airlines, i2 Technologies, and Computer Associates.

Singh said the new centre would be integrated into the current development facilities in the U.S. and Austria to provide improved scalability, a faster development process and enhanced quality assurance.

"Our strategy is to continue to invest at a time when many of our competitors are cutting back," said Michael Meriton, president and chief executive officer of Financial Technologies International.

"Opening the development centre in Mumbai and working with TCG enhances our ability to innovate faster and to better meet our customer needs. It also allows us to provide our customers additional flexibility without compromising quality."

Meriton said FTI would take advantage of the trend set by Global 2000 companies to establish development centres in India to draw on the vast pool of qualified IT professionals.

"FTI and TCG have established a steering committee to oversee India operations so as to ensure its responsiveness to the evolving markets and customer needs," the statement said.

Founded in 1995, TCG Software is a leading edge technology and IT consulting firm focused on delivering solutions in areas such as e-business, mobile solutions, telecom, data networking and e-finance.

TCG has offshore development facilities located in Kolkata, New Delhi, Mumbai, Hyderabad and Singapore.

TCG Software is a portfolio company of The Chatterjee Group, a private investment and money management firm with over $1 billion under management.

Source: IANS
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