Wednesday, November 09, 2005

TCS Acquires Chile’s Comicrom for $23M

Tata Consultancy Services (TCS), the Indian IT services and consultancy provider, has acquired Comicrom, a Chilean banking and pensions BPO provider, for USD 23 million. TCS has also acquired the IT services subsidiary of Comicrom with which it has an ongoing joint-venture.

Comicrom has a workforce of 1,257 and reported revenues of USD 35.5 million for FY 2005. The company is a leading player in the local banking BPO business with a 57 percent market share in the check processing business. About 70 percent of the operating banks are its customers.

The acquisition is a part of TCS' strategy of developing vertically integrated, specialized BPO offerings. Recently, TCS had signed an agreement with UK-based Pearl Group to manage its pension business segment. Also, along the same strategy, TCS had acquired FNS, an Australian financial services provider, to strengthen its presence in banking support business domain.

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