India's number one software services company, Tata Consultancy Services, would purchase Alti SA of France for the price of Eur 75 million or US$98 million. The purchase underscores the interest in France and Germany by the software industry.
Alti SA is a service provider of business management software services with revenues of Eur1 26 million back in 2012. It has a customer portfolio that includes companies in financial services, utilities and manufacturing.
According to TCS CEO N, Chandrasekaran, "This acquisition underlines our long-term, strategic commitment to France, which is the third largest IT services market in Europe."
IT firms from India are seeking to reduce their interests in Britain and instead turn to other markets within Europe. This is in line with European companies seeking to utilize IT work and projects to Indian centers to help cut costs, to the extent of 70% overall.
After the US, the TCS market lies in Britain and Europe.
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