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TCS Completes Citi's GSL|
- By CXOtoday Staff, Dec 31, 2008 1705 hrs IST
- Tags : TCS, Citigroup GSL, N.Chandrasekaran
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Tata Consultancy Services (TCS) has completed the acquisition of Citigroup's global services limited (CGSL) for $512 million. The acquisition will broaden TCS's portfolio in the IT and BPO services in the BFSI sector - according to an official statement.
In addition to the sale, Citi also entered into agreement with TCS to provide $2.5billion worth outsourcing services to Citi and its affiliates.
N.Chandrasekaran, COO and executive director of TCS said, "This acquisition will give us the ability to offer an end-to-end, domain-led solution for business operation, enabling us to create platforms with both domain expertise alongwith our suite of products for the financial service sector clients."
Related Links:
TCS Bags Citigroup BPO
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Discussion Board
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Re:
by Anonymous on Jan 03, 2009 05:05 AM
Do you know that this was a company acquired by Citi few years back? This is a non-profit earning company that was a burden on Citi rather than an asset. Citi wanted to get rid of 25% of there workforce that account to 52000 headcount. By getting rid of this business Citi has got rid of 12000 employee at one shot. Citi is a very big company, such small storm really does not imact citi. Remember I work for Legal department in Citi
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