Tata Consultancy Services (TCS), on Wednesday, announced that it completed the acquisition of French IT services company Alti.

A statement from TCS said it completed the acquisition during an official ceremony under the patronage of Arnaud Montebourg, Minister for Economic Regeneration for the French Republic.

The deal, valued at 75 million euro (around Rs.530 crore) was an all-cash transaction and the announcement was made in early April 2013.

Alti is a privately-held company with revenues of 126 million euro in 2012 and is regarded as one of the top five system integrators of SAP solutions in France. Its customers include several top French corporations in the banking, financial services, luxury, manufacturing and utilities sectors.

Further, TCS unveiled plans to further activate the capabilities and the talent pool it acquired by setting up a new TCS SAP innovation centre.

The centre will seek to develop cutting edge enterprise solutions for multiple industries in co-innovation with TCS’ customers. It will be located in the Ile-de-France region and is expected to be operational by the end of 2013, the TCS statement said.

The IT services market in France, estimated at 30 billion euros, is the third largest in Europe after the U.K. and Germany and TCS has been operating there since 1992.

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