Mumbai, India, December 31, 2008: Tata Consultancy Services (TCS) (BSE: TCS.BO, NSE: TCS.NS), a leading IT services, business solutions and outsourcing firm, announced that it has completed the acquisition of Citigroup Inc.’s interest in Citigroup Global Services Limited (CGSL), the India-based captive business processing outsourcing (BPO) for an all cash consideration of $512 million.
In addition to the sale, Citi has signed an agreement for TCS to provide process outsourcing services to Citi and its affiliates for an aggregate amount of US$ 2.5 billion over a period of 9.5 years. The acquisition broadens TCS’ portfolio of end-to-end IT and BPO services in the global Banking and Financial Services (BFS) sector.
N.Chandrasekaran, COO and Executive Director, TCS, said: “This acquisition gives us the ability to offer a end-to-end, domain-led third-party solution for business operations to our large financial services clients. We will also work to create platforms for the future and integrate our strong domain expertise in operations along with our suite of products for the financial services sector.”
Note to Editors:
TCS has provided IT services to Citi since 1992 and is currently one of the largest IT services partners for Citi, delivering IT and BPO services to Citi operations in North America, Europe, India, Japan, Singapore and the rest of Asia Pacific.
CGSL is one of the largest providers of BPO services within the Banking and Financial Services sector, providing end-to-end process management across the BFS spectrum and a broad array of services to Citi’s consumer, corporate and global wealth management businesses world wide. CGSL has more than 12,000 employees located in India.
Tata Consultancy Services is an IT services, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services 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 116,000 of the world's best trained IT consultants in 50 countries. The company generated consolidated revenues of US $5.7 billion for fiscal year ended 31 March 2008 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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