TCS buys 75% in Swiss co for $80.3 mn

Tata Consultancy Services has acquired 75 per cent equity stake in its Switzerland-based partner, TKS-Teknosoft, from the promoter for Swiss francs 100.5 million (about $80.3 million).

"The acquisition gives TCS a direct presence in the key markets of Switzerland and France with an ability to serve customers with a single face, from sales to delivery," S Ramadorai, CEO & MD of TCS, said in a release issued by the company to the Bombay Stock Exchange on Tuesday

"The TKS acquisition will help TCS expand its product portfolio in the banking and financial services space, not only by acquiring marketing and distribution rights to Quartz but also by adding new products in the private banking and wealth management space," Ramadorai added.

As part of the transaction, the company has also acquired Alpha and e-portfolio products from TKS. Founded in 1985, TKS-Teknosoft SA is a Swiss-based software solutions provider with well-established operations in Europe.

In CY2005, TKS earned revenues of Swiss francs 71.5 million and net income of Swiss francs 9.6 million.