Tata Consultancy Services is to acquire French IT services company Alti in a bid to increase its presence in the European market.
India's largest outsourcer said in a filing Tuesday to the Bombay Stock Exchange that it has signed definitive agreements to acquire 100 percent of the equity in privately-held Alti for €75 million (US$97.5 million) in an all-cash transaction.
The deal will help it grow in France, regarded as the third largest IT market in Europe after the U.K. and Germany, TCS said in the filing.
Alti's key customers include French companies in banking, financial services, luxury, manufacturing and utilities sectors. It has 1,200 employees across France, Belgium and Switzerland, and had revenue of €126 million in 2012. The company is currently owned by its management and two private equity firms.
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