Tata Consultancy Services Launches Strategic Business Unit for Financial Services Products

Tata Consultancy Services Launches Strategic Business Unit for Financial Services Products

June 01, 2007

NG Subramaniam to Head TCS Financial Solutions 

    MUMBAI, India, June 1 /Xinhua-PRNewswire/ -- Tata
Consultancy Services (TCS), (BSE: TCS; NSE: TCS), a leading
IT services, business solutions and outsourcing
organization, announced the formation of a new strategic
business unit (SBU) called TCS Financial Solutions to
further consolidate and position its comprehensive suite of
financial products as a single, market-facing business unit.


    TCS Financial Solutions will function as a 'products
company' within the TCS family and will drive growth in the
financial products business. Using an integrated business
model, the SBU will also leverage the development and
system integration competencies of TCS for customer
engagements. 

    TCS Financial Solutions will have a separate management
team headed by NG Subramaniam as President. The SBU will
have sales, support, product management offices based in
New York (North America and Caribbean), London and Zurich
(Europe), Beijing (Greater China), Sydney (South East Asia
and Australia), Sao Paolo (Latin America), Bangalore
(India, Middle-East and Africa).

    Product offerings from TCS Financial Solutions will be
positioned under an umbrella brand called TCS B(NCS. This
Service Oriented Architecture (SOA) integrated product
family consists of functional modules for Anti-Money
Laundering, Channel Services, Customer Relationship
Management, Core Banking, Corporate Actions, Enterprise
Application Integration, Global Custody, Insurance, Lending
& Borrowing, Online Trading, Payments, Private Banking
and Wealth Management. 

    TCS' financial products business has been accelerating
rapidly in the past few years. In the 2005-06 financial
year revenues grew by about 50% to $102 million, while
during the recent financial year 2006-07 the financial
products business grew 66% from $102 million to $170
million. TCS Financial Solutions has a customer base of 214
financial institutions across 80 countries. In 2006-07,
there were over 50 new customer wins, while 35 new
installations of TCS products went live globally.

    "Tata Consultancy Services is wise to form TCS
Financial Solutions to manage its growing collection of
financial services software assets. There is a different
skill set required to manage packaged software (such as
managing release cycles, engaging in license agreements,
and thinking about the industry solutions globally) versus
an IT services business which engages in IT outsourcing,
consulting engagements, and is often more oriented to a
single customer's needs," said Bart Narter, Senior
Analyst, Celent, a leading financial services analyst firm.

  
    "TCS BaNCS (formerly FNS BANCS) has two huge wins
with State Bank of India and Bank of China, two of the most
transactionally intensive banks in the world. TCS Financial
Solutions still remains part of TCS and benefits from
having a global organization that has deep and broad
experience in implementing and customizing these
solutions," Mr Narter added.

    N Chandrasekaran, EVP and Head, Global Sales &
Operations said, "Our business applications in the
financial services domain continue to gain tremendous
traction in the market and TCS Financial Solutions, backed
by the Global Network Delivery Model of TCS, will drive
this growth and leverage the immense opportunities that
exist across markets around the world." 

    NG Subramaniam, President, TCS Financial Solutions
added: "This is a strategic initiative from TCS that
further demonstrates our commitment to this business and
articulates the maturity achieved in the various facets of
a product business like product management, support and
professional services.    We will continue to differentiate
ourselves by bringing certainty of implementation leveraging
our strong domain capabilities, thereby maximizing
efficiencies and minimizing risks for each of our
customers."

    About Tata Consultancy Services Ltd (TCS)

    Tata Consultancy Services is an IT services, business
solutions and outsourcing organization that delivers real
results to global businesses, ensuring a level of certainty
no other firm can match. TCS offers a consulting-led,
integrated portfolio of IT and IT-enabled services
delivered through its unique Global Network Delivery Model,
recognized as the benchmark of excellence in software
development.
	
    A part of the Tata Group, India's largest industrial
conglomerate, TCS has over 89,000 of the world's best
trained IT consultants in 47 countries. The Company
generated consolidated revenues of US $4.3 billion for
fiscal year ended 31 March, 2007 and is listed on the
National Stock Exchange and Bombay Stock Exchange in India.
For more information, visit us at http://www.tcs.com .


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