Tata Consultancy Services (TCS) helps its clients say farewell to business inefficiencies. The company is a leading global provider of IT, consulting, and outsourcing services, with operations in more than 40 countries. Its offerings include business process outsourcing, data center management, IT and strategic consulting, new product development and engineering, and systems integration. One of its specialties is developing and maintaining customized software for businesses. Most of its clients, in industries ranging from energy to financial services to retail to telecom, are located in North America, Latin America, and Europe. TCS is controlled by textiles and manufacturing conglomerate Tata Group.
TCS, which began operations in 1968, may be based in India, but the company does more than half of its business in the Americas and just over a quarter in Europe. Contracts with key banking, consumer electronics, and telecommunications clients in markets like Asia, Africa, and the Middle East are helping to grow its footprint elsewhere. Its TCS BaNCS brand, which is overseen by subsidiary TCS Financial Services and offers a line of software products for the banking, investment, and insurance sectors, is gaining market recognition and reported good growth for fiscal year 2011 with significant wins in the US, Europe, and China. An international focus has been key to TCS's ascension as a player on the stage of global corporate IT services. The company maintains more than 50 directly or indirectly held subsidiaries worldwide.
For 2011 TCS reported that revenues and net income were up about 30% year-over-year. The year 2011 was also a watershed year in terms of headcount. Demand for its services resulted in the largest hiring effort in TCS history with the gross addition of about 70,000 professionals during the year. The company often recruits trainees from India's university campuses. About one-third of its total workforce is composed of women.
Acquisitions continue to play a central role in the growth of TCS and its entry into new regions and industries. Key acquisitions have included the purchase of the India-based back office unit of Citigroup, known as Citigroup Global Services, for about $500 million in 2009. Now known as TCS e-Serve, the unit is strengthening the company's position as a provider of business process outsourcing to the financial services industry.
In 2013 it agreed to buy French IT services firm Alti for about €75 million. The transaction will strengthen TCS's ability to serve customers in select European countries, but particularly in France, the third-largest market in Europe for IT services.