Mumbai, Nov. 8
Tata Consultancy Services has acquired an Australian company for A$ 1.7 million (Rs 5.6 crore) in cash as upfront payment, with additional performance payments making for a total consideration of A$15 million (Rs 50 crore) over five years.
The private consultancy firm TCS Management, earlier called Total Communication Solutions, employs 35 senior consultants and reported revenues of A$5.5 million for the fiscal ended June 30, 2006, said a statement from TCS.
"The acquisition of TCS Management is part of the strategy to substantially grow our Australian business and provide high-end business and IT consulting to our large Australian client base. Local knowledge and domain consulting expertise brought by TCS Management will complement TCS' global capabilities in consulting, IT services and BPO to provide greater value to Australian business," said Ms Girija Pande, TCS' Head of Asia-Pacific.
Last year, TCS had acquired Sydney-based FNS for A$26 million. Mr Neville Roach, Chairman of FNS, will be the Chairman of the new company. Key personnel, including the current management team, will remain with the company, said TCS.