India based IT services company, Tata Consultancy Services (TCS) has signed a deal to acquire the French IT service provider Alti for €75m.
The acquisition will help TCS expand its footprint in France and other regions of Europe.
TCS CEO and managing director N. Chandrasekaran said: "The acquisition of Alti will help us serve our clients in France and across Europe more comprehensively with an expanded set of services and solutions, bringing the best of TCS to French corporations."
Alti has strong expertise in IT services including enterprise application, assurance and CRM applications.
According to TCS it has already secured a position in the country through local hiring and investments, and the acquisition is expected to drive it into the list of the top IT services firms in the country.
Alti is privately owned by its management and two private equity funds, CM-CIC LBO Partners and IDI, and has increased its revenue from €64m in 2007 to €126m in 2012.
