TCS to acquire ALTI for euro75 million

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TCS to acquire ALTI for euro75 million
Tata Consultancy Services: Quotes, News
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Tata Consultancy Services (TCS) India's largest IT company today said that that it has signed definitive agreements for the acquisition of 100% equity shares in Alti SA, an IT services company in France,for a value of €75 million in an all-cash transaction. The acquisition will strengthen TCS' ability and footprint to service its customers in France and other regions in Europe.

Alti SA is a leading French technology services firm with strong expertise in IT Services including Enterprise Solutions, Assurance and CRM solutions. It is a privately-held company owned by its management and two private equity funds, CM-CICLBOPartners and IDI, which supported its growth from a revenue base of € 64m in 2007 to € 126 m in 2012. Regarded as one of the top 5 system integrators of Enterprise Solutions in France, it's key customers comprise several top French corporations in the banking, financial services, luxury, manufacturing and utilities sectors. The company has 1,200 employees based in France, Belgium and Switzerland.

N. Chandrasekaran, CEO and Managing Director, TC5, said, "This acquisition underlines our long-term, strategic commitment to France,which is the third largest IT services market in Europe. The acquisition of Alti SA will help us serve our clients in France and across Europe more comprehensively with an expanded set of services and solutions, bringing the best of TC5 to French corporations. I am confident that this acquisition will help us accelerate our growth and presence in France."

The TCS stock was trading higher by 1 per cent.

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