TCS acquires Swiss firm TKS-Teknosoft
TKS had revenues of $ 57.2 million and net profits of $ 7.7 million in 2005, of which about 60% are from services and the rest from products. Terming it a significant step in increasing its visibility in Switzerland and France and in consolidating its financial services products, TCS CFO S Mahalingam said the acquisition of the remaining 25% stake was also under active consideration. However, he said it would not happen immediately.
TCS also gains the 115 employees of the Swiss firm through the acquisition. The employees are primarily in sales and product engineering. "We don't envisage adding more staff directly but we will invest in additional capability in India for added features and integration of all our financial services products," TCS executive VP and global head of operations, N Chandrasekaran, said. TCS intends to integrate FNS, which it acquired through an earlier buy, and its other proprietary products in treasury, custody, clearing and settlement with Quartz, Alpha and e-Portfolio.
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