3.7.10

TCS becomes world’s ninth largest tech company

Tata Consultancy Services (TCS) has become the world’s ninth-largest software services company in terms of revenues, its chairman, Ratan Tata told shareholders at the company’s fifth annual general meeting . The big daddies in the global IT industry include IBM with revenues of $96 billion, Microsoft ($58 billion) and Accenture ($22 billion). For the $6.3 billion-TCS, the focus now “would be to climb the value chain in a bid to differentiate its services from competition,’’ said Tata, who would step down from the chairmanship of the IT major in the next couple of years. TCS was started as a division of Tata Sons, the holding company of the Tata group, in 1968 to service the in-house electronic data processing needs. The company today is the largest software services firm in the country. In a bid to be part of the top league, the company has been bagging clients across geographies, building domain expertise, besides adding on a large number of employees. When TCS made its beginnings, there were only 17 computers in India and its first breakthrough came in 1969 when it bagged a contract from Central Bank of India to automate the branch reconciliation processes. Today, bulk (about 45%) of its earning comes from the banking, financial services and insurance (BFSI) vertical. The septuagenarian chairman also added that the company is fourth in terms of market capitalisation among its peers, and the fourth-largest IT employer in the world. TCS has about 1.60 lakh people on its rolls, of which 10,400 are non-Indian nationals.

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