Tata Consultancy Services (TCS) has inked a five-year contract worth over 200 million euro (US$244 million) with Dutch bank ABN AMRO, in a move to expand its presence in Europe.
From its centers in Latin America and Hungary, the Indian IT services vendor will provide applications support and enhancement across ABN AMRO's operations in the Netherlands and Brazil, as well as the bank's global private client business. Over 500 consultants are located in TCS’ global delivery centres in Brazil and Hungary.
The new deal signals a step forward for the company as it seeks to expand its presence in the Latin American and European markets. Last year, it reported a 60 percent growth in its European operations.
Said S. Ramadorai, TCS' CEO and managing director: "Our strategy to grow in Europe and other markets in order to achieve its global vision is beginning to bear fruit. As part of this strategy, we wanted to look at large contracts outside of the United States and this deal is a vindication of our stance.
"This is the largest deal that any Indian company has signed," he said. "In addition to the significant annual revenues it will generate, this is also the first multi-national global engagement that allows TCS to utilize its Global Delivery Model (GDM) in its entirety." The GDM is a TCS-developed delivery method for deploying services and products in IT consulting and outsourcing.
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