Amsterdam/Mumbai, September 1st, 2005: - Tata Consultancy Services (TCS) announced it has signed a 5 year contract with the Dutch bank ABN AMRO to provide Applications Support and Enhancements across the Bank, as well as the right to bid for Applications Development projects. This is the largest deal won by an Indian IT services company ever.
The landmark engagement is expected to generate committed revenues for TCS of over EUR 200 million over the next five years.
Leveraging its Global Delivery Model, through centres in Latin America and Hungary, TCS will manage a major part of ABN AMRO’s Application Support and Enhancement services for its operations in the Netherlands, Brazil as well as its Private Client Business globally. In addition, TCS will also provide Application Development for the Dutch Bank as one of the top five preferred suppliers and deliver ABN-AMRO’s Strategic Banking Platform.
“TCS has been investing continuously to build its global delivery model and best-in-class execution abilities. The milestone engagement with ABN Amro is a complete and irrevocable validation of our global delivery strategy,”” said S. Ramadorai, TCS Chief Executive Office (CEO) and Managing Director.
“In addition to the significant annual revenues it will generate, this is the first multi-national global engagement that allows TCS to utilise its Global Delivery Model (GDM) in its entirety,” he added. In addition to its large development centre in India, over 500 consultants will work from TCS’ Global delivery centres in Brazil and Hungary.
“TCS’ strategy to grow in Europe and other markets in order to achieve its global vision is beginning to bear fruit. As part of this strategy, we wanted to look at large contracts outside of the US and this deal is a vindication of our stance – we are very proud to be partnering with ABN AMRO, “ said N. Chandrasekaran, Executive Vice President and Head – Global Operations, TCS. “This is the largest deal that any Indian company has signed – our capabilities are being recognised across the world, “ he added. The deal also establishes the scale of TCS’ Latin American Operations and positions the company as the strategic IT partner for the region.
TCS’ operations grew over 60% in Europe last year. The ABN AMRO contract will provide an ideal platform to grow in emerging markets in Latin America and continental Europe and is a testimony to the growing presence and impact of TCS in a key area of European business – banking and financial services.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services Limited (TCS) is the world-leading information technology consulting, services, business process outsourcing and engineering services organization that envisioned and pioneered the adoption of the flexible global business practices that today enable companies to operate more efficiently and produce more value. TCS achieved this by creating and perfecting a unique method of global deployment and delivery of high quality, high value services and products in IT consulting and business process outsourcing. Known as the “Global Delivery Model,” this strategic services delivery concept has reshaped the IT services industry.
More than 75% of TCS customers reward the company’s reliability, passion, creativity, and unique ability to handle the broadest range of their IT needs by continually extending and deepening their partnerships with TCS. With over 40,000 of the world’s best trained IT consultants located in 33 countries, TCS is uniquely positioned to deliver its flexible world class services seamlessly to any location. TCS reported consolidated revenues of $2.24 billion (U.S.) in the fiscal year 2004-2005. The company is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information: www.tcs.com
For more information contact
Pradipta Bagchi – 009122 5550 9999 mail: pradipta.bagchi@tcs.com
Continental Europe – 0041 79 703 7353 - TCS Spokesperson