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TCS buys Australian firm for Rs 117 cr

Our Bureau

Mumbai , Oct 20

TCS has acquired Financial Network Services (FNS), a Sydney-based core banking solutions vendor, for $26 million (Rs 117 crore).

FNS, TCS's first major international acquisition, is great value as well as strategic in nature, said Mr S. Ramadorai, CEO and Managing Director of TCS.

"It will add great value to the company as it enhances the range of TCS's asset-based solutions for the baking industry, besides giving us a number of new global banking customers in Asia, Europe and South Africa."

TCS will now have its own core banking solution, like i-flex Solutions and Infosys.

FNS is already a familiar name associated with TCS, which has been implementing the FNS core banking solution for banks; the largest of the implementations was for SBI, whose core banking solution rollout was the largest such implementation in the world.

The FNS solution has been implemented in three major Indian banks so far.

The acquisition of such a company will help TCS in its goal to be a complete solutions provider for the global banking industry, said a company release.

With this, TCS plans 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, said Mr N. Chandrasekaran, Global Head of Sales and Operations.

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