Tata Consultancy Services (TCS), on Tuesday, announced that it had signed definitive agreements to acquire 100 per cent equity in Alti SA, an IT services company in France. The deal, valued at 75 million euro (around Rs.530 crore), is an all-cash transaction, TCS said in a statement.
The deal is subject to customary closing conditions.
Alti SA has strong expertise in IT Services, including enterprise solutions, assurance and CRM solutions. It is privately held, and owned by its management and two private equity funds, CM-CIC LBO Partners and IDI. It reported revenues of 126 million euro in 2012, and its customers include top French corporations in the banking, financial services, luxury, manufacturing and utilities sectors. Alti has 1,200 employees based in France, Belgium and Switzerland.
“This acquisition underlines our long-term, strategic commitment to France, which is the third largest IT services market in Europe,” N. Chandrasekaran, Chief Executive Officer and Managing Director, TCS, said in a statement.
The France IT services market is estimated at 30 billion euro. TCS has been operating there since 1992. It has over 50 clients in France and has significantly strengthened its position there.
“The acquisition of Alti SA will help us serve our clients in France and across Europe more comprehensively with an expanded set of services and solutions, bringing the best of TCS to French corporations,” Mr. Chandrasekaran said.
“This is a significant step that will benefit both our clients and employees,” Andre Bensimon, co-founder of Alti SA, said in a statement.
