View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
January 1, 2009

TCS completes acquisition of Citigroup Global Services

Tata Consultancy Services, or TCS, has completed the acquisition of Citigroup's interest in Citigroup Global Services, the India-based captive business processing outsourcing business, for an all cash consideration of $512 million.

By CBR Staff Writer

In addition to the sale, Citi has signed an agreement with TCS to provide, through CGSL, process outsourcing services to Citi and its affiliates over a period of 9.5 years. The agreement builds on the existing relationship between Citi and TCS whereby TCS provides application development, infrastructure support, help desk and other process outsourcing services to Citi.

The transaction is expected to help reduce operating expenses related to business processing and will allow Citi to focus on its core financial services competencies. According to Citi, it will reduce its total headcount by more than 12,000 employees, all of whom are located in India.

N Chandrasekaran, COO and executive director of TCS, said: 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. 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.

Content from our partners
Rethinking cloud: challenging assumptions, learning lessons
DTX Manchester welcomes leading tech talent from across the region and beyond
The hidden complexities of deploying AI in your business

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.