TCS looks towards Europe to expand market

By siliconindia   |   Tuesday, 26 October 2010, 21:57 IST
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Mumbai: The largest software company in the country, Tata Consultancy Services (TCS) is eyeing Europe to make newer acquisitions in the market. N Chandrasekaran, CEO, TCS shared that the company is looking for acquisitions in Europe but is yet to find a suitable fit. The company posted a 30 percent plus growth in net profit in the second quarter of the present fiscal year by gaining $2 billion in revenues. With a blooming growth on its mast, the company now wants to broaden its base to newer markets like China and Europe. Chandrasekaran, in an interview to The Economic Times, said, "We are looking for a medium-size company with a strong market presence in countries such as Germany and France. The acquisition has to be a mutual fit." These aims of expanding in new markets along with growth in non-linear initiatives are some of the wagons that the firm is hoping will take the delivery growth beyond $6 billion. Chandrasekaran also added that the second quarter profit of the company was mainly due to higher efficiency, offshore leverage, and better execution and utilization. TCS is the ninth largest IT services firm globally and looks forward to the future of growing big by exploring new markets.