TCS completes acquisition of French ERP firm Alti
24 July 2013
Tata Consultancy Services (TCS) today said that it has completed the acquisition of French enterprise solutions provider Alti SA.
In early April, TCS, India's largest software exporter, said that it would acquire Alti for €75 million (Rs533 crore) in cash in order to expand its footprint to service its customers in France and other regions in Europe. (See: TCS to acquire French enterprise software maker Alti for Rs533 crore)
Owned by its management and two private equity funds, CM-CIC LBO Partners and IDI, Alti is one of the top five system integrators of enterprise solutions in France with a strong expertise solutions, assurance and CRM solutions.
With 1,200 employees based in France, Belgium and Switzerland, Alti has grown from a revenue base of €64 million in 2007 to €126 million in 2012.
It is regarded as one of the top 5 system integrators of SAP solutions in France. Its clients include several top French corporations in the banking, financial services, luxury, manufacturing and utilities sectors.
N Chandrasekaran, CEO and managing director, TCS, said, ''Today is a historic day for our company in France, which will see us emerge as a much stronger player in the local market and which sets the platform for our future growth in the region. There are tremendous synergies between TCS' global capabilities and Alti's local talent base and knowledge, which will enable us to better service our clients in France and help make their businesses more competitive.''
TCS has been operating in France since 1992 and has significantly strengthened its position in the country through local hiring and investments in recent years. This acquisition will increase the company's employee base in France by 500 per cent and propel it into the list of the top IT Services firms in the country.
Listed on the National and Bombay Stock Exchanges, TCS, a part of the Tata Group, is one of India's most valuable companies and is the largest IT services company in the country by revenues.
It has over 263,000 employees working in 44 countries and posted revenues of $10.17 billion last year.