Tata Consultancy Services (TCS) is underway to buy French Software Systems Company Alti SA in a bid to strengthen its foothold in the European Business.
The Indian IT Major is about to close the deal with Alti  for about  75 million Euro (about Rs 533 crore) . Alti SA  is a privately-held company owned by its management and two private equity funds, CM-CIC LBO Partners and IDI, which supported its growth from a revenue base of 64 million euro in 2007 to 126 million euro in 2012.
According to an official statement, “TCS has signed definitive agreements for the acquisition of 100 per cent equity shares in Alti SA, an IT services company in France, for a value of 75 million euro in an all-cash transaction” .
“This acquisition underlines our long-term, strategic commitment to France, which is the third-largest IT services market in Europe. The acquisition of Alti SA will help us serve our clients in France and across Europe more comprehensively with an expanded set of services and solutions,” TCS Managing Director and CEO N Chandrasekaran said.
Alti is regarded as one of the top five system integrator of enterprise solutions in France. It has expertise in IT services including Enterprise Solutions, Assurance and CRM solutions.
Alti  has about 1,200 employees based in France, Belgium and Switzerland. TCS will take over all of Alti’s employees, the company said. Alti has clients across financial services, manufacturing and utilities sectors in France and with its acquisition , TCS can increase its clientele from its present count of 50 in France.