TCS buys out Brazil's partner stake for $33.4m

NEW DELHI: Country's top software exporter TCS has acquired the remaining 49 per cent stake in its Brazilian joint venture for $33.4 million, giving the company 100 per cent ownership.

TCS do Brasil recorded a top line of 66.5 million dollar for the year ended March 31, 2007 and has over 1700 employees, the company said in a statement here.

The Brazilian unit operates software centres in Sao Paulo and Brasilia and serves over 30 customers including ABN Amro, Good Year and Brasil Telecom among others, the company said.

In the year 2002, TCS entered the emerging high growth Brazilian market through a 51:49 joint venture with Grupo TBA.

In the synergistic relationship, Grupo TBA bought local market knowledge and client relationships, while TCS contributed world-class methodologies process and quality systems.

Over the last five years, TCS do Brasil has been successful in scaling its business, achieving market penetration and enhancing delivery capabilities, thereby resulting in a high level of customer satisfaction.

TCS, Asia's largest software services company, has over 89,000 trained IT consultants in 47 countries.

The company has generated consolidated revenues of $4.3 billion for the year ended March 31, 2007.