October 20, 2005 6:15 AM PDT

TCS buys banking software maker for $26 million

By Dinesh C. Sharma
Staff Writer, CNET News

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Tata Consultancy Services on Thursday announced it has bought Australian banking software maker Financial Network Services, for around $26 million.

The acquisition of the Sydney-based firm will boost its offerings for banking and financial sectors, the Indian software maker said. FNS' Core Banking Solution will help TCS address the needs of retail and corporate banks globally, officials said. The software is deployed in 115 banks in 35 countries.

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Tata Consultancy Services Ltd., banking, software company, bank

Add a Comment (Log in or register) 4 comments

Banking is hot....
by b2bhandshake October 20, 2005 6:37 AM PDT: Not really surprised by this move, given that the other Indian software majors already have presence in this sector.

- Mohan
http://www.offshoringmanagement.com; Reply to this comment

Banking is hot....
by b2bhandshake October 20, 2005 6:37 AM PDT: Not really surprised by this move, given that the other Indian software majors already have presence in this sector.

- Mohan
http://www.offshoringmanagement.com; Reply to this comment

Why Should One Be....
by Captain_Spock October 20, 2005 7:35 AM PDT: ... impressed with "the acquisition of the Sydney-based, Australian banking software maker Financial Network Services firm whose software apparently addresses needs of 'retail' (which is saturated) and corporate banks globally" when there are overwhelming needs for "development banking skills" facing developed, developing and underdeveloped countries around the world.!; Reply to this comment

Why Should One Be....
by Captain_Spock October 20, 2005 7:35 AM PDT: ... impressed with "the acquisition of the Sydney-based, Australian banking software maker Financial Network Services firm whose software apparently addresses needs of 'retail' (which is saturated) and corporate banks globally" when there are overwhelming needs for "development banking skills" facing developed, developing and underdeveloped countries around the world.!; Reply to this comment

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