Infotech major Tata Consultancy Services (TCS) has said it will acquire France-based enterprise solutions provider Alti SA for 75 million euros (about Rs 533.7 crore) in an all-cash deal.
The acquisition will help transform TCS into a major player in France,the third-largest IT services market in Europe,and provide the firm access to blue-chip French and European clients in banking,luxury,manufacturing and utilities sectors.
TCS,in a statement,said,…it has signed definitive agreements for the acquisition of 100 per cent equity shares in Alti SA,an IT services company in France,for a value of 75 million euro in an all-cash transaction, .
This acquisition underlines our long-term,strategic commitment to France,which is the third-largest IT services market in Europe. The acquisition will help us serve our clients in France and across Europe more comprehensively with an expanded set of services and solutions, TCS MD and CEO N Chandrasekaran said.
Alti,with expertise in IT services including enterprise solutions,assurance and CRM solutions,is a privately-held company owned by its management and two private equity funds,CM-CIC LBO Partners and IDI,which supported its growth from a revenue base of 64 million euro in 2007 to 126 million euro in 2012. The company has 1,200 employees based in France,Belgium and Switzerland. The TCS scrip closed at Rs 1,500,up 1.30 per cent,on the NSE.