TCS to assist with post-merger consolidation and expansion of Nets’ service portfolio
Mumbai, September 15, 2011: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions firm, today announced that it has signed a multi-year contract with Nets, one of the largest payment cards, payment solutions and payment exchange information companies in Northern Europe. The contract comprises application maintenance and development services across Nets’ value chain of cards, payments and e-Security.
For several years, the Norwegian BBS and Danish PBS have been strengthening their market position in the Norwegian and Danish payments market. In autumn 2010, these Nets’ group companies were merged to become the leading payments provider in the Nordic region. Now they aim to expand into Northern Europe.
“After the merger we were looking for a strategic partner to achieve strong business synergies in our post-merger integration. We are certain that we have found this partner in TCS,” said Jan Erik Secker, Head of IT Sourcing and Vendor Management, Nets. He added, “TCS has a strong track record and a deep knowledge in our field of operations. They provide us with a full-service capability and can draw on both Nordic and global experiences, which we consider critical in reaching our business goals.”
“Nets have been using global delivery for over eight years and the fact that they chose TCS as their new strategic partner is a testament to TCS’ maturity working with Nordic clients and in the financial services sector. We will bring our best expertise and resources to bear on supporting Nets with their strategic objective to emerge as a leading Northern-European payment provider. TCS’ full-service capability, knowledge of Nordic business practices and global experience uniquely positions the company to support Nets’ high expectations in leveraging IT to capture business synergies, as well as support its strong business ambitions,” said Amit Bajaj, Director of the Nordic & Baltic region, TCS.
The contract reinforces TCS’ leadership position in the Nordic Market and its financial services capability across application services, BPO and financial products. The banking and financial services business unit is the largest vertical for TCS, comprising over 80,000 employees working for 200+ banking and financial services clients worldwide. The unit has been expanding its presence in the Nordic market - that comprises Sweden, Norway, Finland, Denmark and Iceland - and caters to some of the leading firms in this sector. In August 2011, TCS Nordic unit retained the 1 service provider rank based on a customer satisfaction survey of leading CIOs and CXOs of 300 top Nordic companies conducted by KPMG EquaTerra.
Nets is one of the largest payment cards, payment solutions and payment exchange information companies in Northern Europe. Nets goal is to become the leading provider of these services in Northern Europe.
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 202,000 of the world’s best-trained consultants in 42 countries. The company generated consolidated revenues of US $8.2 billion for year ended March 31, 2011 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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