TCS and Strate announce joint venture for ASP services in South Africa
SIBOS|Amsterdam, October 28, 2010: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services and consulting firm, announced an ASP initiative with Strate, the licensed Central Securities Depository (CSD) in South Africa. This joint venture with TCS, for the TCS BaNCS Securities Processing solution, will provide best-in-class and leading-edge technology to mid-tier players in the South African market.
Monica Singer, CEO, Strate Ltd., speaking about the joint venture, said “Strate is keen to offer this unique low TCO offering, which will make it possible for more players to participate in the South African market, thereby widening the investor base. We have had a long association with TCS, who have also been the leading custody solution provider in South Africa. We are glad to leverage our relationship to create this initiative.”
Commenting on the joint venture, NG Subramaniam, President, TCS Financial Solutions, said, “TCS has been a key player in the South African market for over a decade. We are very proud of our work for Strate and for the significant majority of the CSD participants in the South African market. We are now leveraging our relationship and the experience we have of the South African market to provide a unique cloud offering for the mid-tier custodians in the market.”
Strate Ltd. is the licensed Central Securities Depository (CSD) for electronic settlement of financial instruments in South Africa. Strate handles the settlement of a number of securities, including equities and bonds for the Johannesburg Stock Exchange (JSE), as well as a range of derivative products such as warrants, Exchange Traded Funds (ETFs), retail notes and tracker funds. It has now added the settlement of money market securities to its portfolio of services.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best-of-breed solutions that drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our customers. TCS Financial Solutions delivers state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™,recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 285,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $11.6 billion for year ended March 31, 2013 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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