Tata Consultancy Services (TCS), based in Mumbai, has announced its acquisition of India-based Citigroup Global Services Limited (CGSL) for $512 million. As part of the deal, CGSL signed an agreement for TCS to provide business process outsourcing (BPO) services to CGSL and its affiliates for an aggregate amount of $2.5 billion over nine-and-a-half years.
"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," said N. Chandrasekaran, Tata Consultancy Services chief operating officer and executive director. "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."
TCS has provided IT services to CGSL since 1992, and is currently one of their largest IT services partners, delivering IT and BPO services to CGSL operations in North America, Europe, India and throughout the Asia Pacific region. CGSL, which has locations in Mumbai and Chennai, has more than 12,000 employees.
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