TCS completes Alti buy; to set up new SAP innovation centre
N Chandrasekaran, TCS CEO and MD and Alti's founders on Wednesday signed the final agreement to commence the integration of Alti into TCS' operations in France. During the ceremony TCS also announced plans to set up a new SAP Innovation Centre in France.
July 24, 2013 / 23:01 IST
Moneycontrol Bureau
Tata Consultancy Services on Wednesday said it has completed the acquisition of French enterprise solutions provider Alti SA.The India's largest software services exporter had in April announced the acquisition of Alti in an all cash deal worth Euro 75 million.Privately-held Alti had revenue of Euro 126 million in 2012 and its key customers include top French corporations in the banking, financial services, luxury, manufacturing and utilities sectors.With the acquisition of Alti, TCS will emerge as a much stronger player in the local market and it sets the platform for future growth in the region, N Chandrasekaran, CEO and MD said during an official ceremony, where he and Alti's founders signed the final agreement to commence the integration of Alti into TCS' operations in France.During the ceremony, the Mumbai-based company also announced that it plans to set up a new TCS SAP Innovation Centre.The centre will seek to develop cutting edge enterprise solutions for multiple industries and will be located in the Ile-de-France region, the company said.The SAP Innovation Centre is expected to be operational by end of 2013, it added.TCS shares hit a new high of Rs 1,786.70 on NSE on Wednesday. At 12:20hrs, the stock was up 1.8 percent at Rs 1,780.70.Also Read: Hope to close some more deals in next quarter, says KPIT Cummins Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
