The acquisition of FNS, will further strengthen the company's portfolio of banking and financial services products by adding a strong, high-performance core banking solution with an established global customer-base, TCS informed the Bombay Stock Exchange.
From a strategic perspective, the FNS acquisition will help the company in its goal to be a complete solutions provider for global banking industry, it said.
"FNS, TCS' first major international acquisition is strategic in nature and it will add great value to the company as it enhances the range of TCS' asset-based solutions for the banking Industry besides giving us a number of new global banking customers in Asia, Europe and South Africa", S Ramadorai, CEO & MD, said.
The company's share price was up 1.62 per cent at Rs 1425 during the morning trade.
The acquisition of FNS by TCS is expected to hot up the core banking solution space and TCS officials made no secret that the $2.24 billion company is now in a better position to take on the might of Infosys and Oracle-acquired i-flex in this space.
Mahalingam said with FNS, solely focused on core banking solution, in its bag now, TCS would target the market being addressed by Infosys and i-flex and "beyond". "It (FNS) will take on (core banking solutions of Infosys and i-flex)".
TCS, with its market reach, system integration and global support capabilities, is now in a much better position to take care of core banking replacement opportunity, added N G Subramaniam, TCS' vice-president, head, banking practice and head, Bangalore operations.
TCS officials stressed that with its rich functionality, proven scalability and robustness, FNS' core banking solution is capable of addressing the needs of top global banks.
FNS solution will form the nucleus of TCS' core banking strategy for the global market, the company said.
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