TCS completes acquisition of Citigroup Global Services

NEW DELHI: The country's largest software exporter, Tata Consultancy Services, on Wednesday said that it has completed the acquisition of Citigroup's India-based captive BPO services for 512 million dollar.

In addition to the sale, TCS has signed an agreement with Citi to provide process outsourcing services to Citi and its affiliates for an aggregate amount of 2.5 billion dollar over a period of 9.5 years.

The acquisition broadens TCS's portfolio of end-to-end IT and BPO services in the global banking and financial services (BFS) sector.

TCS COO and Executive Director N Chandrasekaran said: "This acquisition gives us the ability to offer an end-to-end, domain-led third-party solution for business operations to our large financial services clients.

"We will also work to create platforms for the future and integrate our strong domain expertise in operations along with our suite of products for the financial services sector."