Indian information technology major Tata Consultancy Services announced Wednesday it would acquire Citigroup's India-based outsourcing arm in an all-cash deal estimated at 505 million dollars. TCS signed an agreement with Citigroup Inc to acquire its entire interest in India-based Citigroup Global Services Limited.
"This is a landmark acquisition for TCS, helping us not only acquire new capabilities in the banking domain but also underscoring the importance of our long-term, sustainable relationships with our large customers," TCS chief executive officer S Ramadorai said.
A Japanese financial services group, has entered into an agreement with ailing Lehman Brothers to acquire its back office and IT operations in India. Nomura Holdings, a Japanese financial services group, announced Monday that it has entered into an agreement with ailing Lehman Brothers Holdings to acquire Lehman's back office operations and IT operations in Mumbai, India, for an undisclosed price.
The acquisition of Citgroup Global Services will however increase the exposure of TCS to the global financial services industry, which is seeing a shakeout. TCS earned 43 percent of its revenue in the second quarter from the banking, insurance, and financial services sector.
"This is a landmark acquisition for TCS, helping us not only acquire new capabilities in the banking domain but also underscoring the importance of our long-term, sustainable relationships with our large customers," TCS chief executive officer S Ramadorai said.
A Japanese financial services group, has entered into an agreement with ailing Lehman Brothers to acquire its back office and IT operations in India. Nomura Holdings, a Japanese financial services group, announced Monday that it has entered into an agreement with ailing Lehman Brothers Holdings to acquire Lehman's back office operations and IT operations in Mumbai, India, for an undisclosed price.
The acquisition of Citgroup Global Services will however increase the exposure of TCS to the global financial services industry, which is seeing a shakeout. TCS earned 43 percent of its revenue in the second quarter from the banking, insurance, and financial services sector.
Comments
Post a Comment