Update on TCS Acquisitions

  • May 3, 2007

For my previous blog post titled Tata Consultancy Services Listing on the NYSE? I scoured through all the press releases issued by Wipro (WIT), Infosys (INFY) and Tata Consultancy Services (TCS) in 2006 and also looked through the transcripts of the annual conference calls but it looks like I missed a few acquisitions that were done by TCS in 2006.

The folks at TCS got in touch with me last week and provided me with a list of acquisitions that were done by TCS in 2006. Apart from the acquisition of Australia based TCS Management that I mentioned in my last post, given below is a list of other acquisitions that were done by TCS in 2006.

  • Jan 2006: TCS subscribed to 51% of the share capital of C Edge Technologies Ltd, a company formed to provide IT enabled services and solutions.
  • Feb 2006: TCS acquired TIL Limited and merged TIL into TCS Limited. In connection with this acquisition TCS recognized goodwill of Rs. 1,783.1 million, intangible assets of Rs. 95.9 million.
  • March 2006: TCS through its subsidiary, Diligenta, acquired on a going concern basis certain businesses of Pearl Group for a cash consideration of Rs. 4,261.9 million. TCS has acquired 76% of the voting share capital of Diligenta Ltd with the balance being held by the Pearl Group. TCS has the right as well as obligation to acquire the remaining shareholding of Pearl Group in Diligenta over the next five years.
  • Oct. 31, 2006: TCS announced that it had expanded its portfolio of banking products and consolidated its European operations after completing the acquisition of 75% equity stake in its Switzerland-based partner, TKS-Teknosoft (TKS), from the promoter for CHF 100.5 million.

I guess instead of going through all the press releases, it would have been easier for me to contact investor relations to get the complete list. I regret the omissions and appreciate the data provided by TCS.