TCS buys 10% in Philippines co

Global IT services organisation Tata Consultancy Services has made its first acquisition after its initial public offering.

TCS has acquired a 10 per cent stake in Philippine Dealing System Holdings Corp for $0.9 million. It has also bagged a $3 million contract from the company.

"This engagement forms part of a larger growth strategy for TCS in the Asia Pacific region," the company said in a media statement.

TCS bagged this contract from PDS's subsidiary Philippine Depository & Trust Corp and will implement a depository, registry, clearing & settlement system for the equities and fixed income securities market in the Philippines.

For the project, TCS will use its eClearSettle solution that encompasses clearing and settlement for equity, debt and derivatives markets as well as depository and registrar services. PDS is Philippine's electronic platform for trading, clearing, depository, registry and custody of fixed income securities.

TCS had launched an initial public offering in August this year. The share closed up Rs 26.70 at Rs 1230.95 on the BSE on Thursday.

The Asia Pacific region contributed 17.61 per cent to TCS's total revenues of Rs 3783 crore (Rs 37.83 billion) for the first half of 2004-2005.

TCS' global customers in the financial services industries include: SIS, Switzerland, STRATE, South Africa, National Stock Exchange, National Securities Depository Ltd, India, Canadian Depository, Kuwait Clearing and Company, Deutsche Bank, ING Group, AIG, and AXA Insurance.