India's Tata Consultancy buys French IT provider Alti
BANGALORE (Reuters) - Tata Consultancy Services (TCS.NS), India's top software services provider, will buy privately held Alti SA of France for 75 million euros ($98 million) -- an acquisition that highlights the industry's growing interest in France and Germany.
The French provider of business management software services had revenues of 126 million euros in 2012 with customers in financial services, manufacturing and utilities.
"This acquisition underlines our long-term, strategic commitment to France, which is the third largest IT services market in Europe," TCS CEO N. Chandrasekaran said in a statement.
India's leading IT firms are looking to reduce their reliance on Britain as they expand in Europe. European companies are also seen as increasingly open to sending IT work to centers in India as it can help them cut IT costs by as much as 70 percent.
Europe, including Britain, is TCS's largest market after the United States.
TCS will report its fiscal fourth quarter and annual results on April 17.
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