India's top software services exporter Tata Consultancy Services has signed definitive agreements to buy 100 percent of Alti SA, an IT services company in France for Euro 75 million in an all-cash deal.
The acquisition will strengthen TCS' ability and footprint to service its customers in France and other regions in Europe, it said on Tuesday.
Alti, owned by its management and two private equity funds, CM-CIC LBO Partners and IDI, has strong expertise in IT services including enterprise solutions, assurance and CRM solutions.
The company had a revenue of Euro 126 million in 2012, up from 64 million in 2007.
Alti has 1,200 employees based in France, Switzerland and Belgium and counts several top French companies in the banking, financial services, utilities, luxury and manufacturing sectors among its key clients.
"This acquisition underlines our long-term strategic commitment to France, which is the third largest IT services market in Europe. 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," said N Chandrasekaran, CEO and MD.
TCS shares were up 1.1 percent at Rs 1,496.50 on NSE in morning trade.
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