TCS says buys Aussie firm FNS for US$26 million

MUMBAI (Reuters) - India's largest software exporter, Tata Consultancy Services Ltd, said on Thursday it had acquired Sydney-based Financial Network Services (FNS) for US$26 million to strengthen its offering for the banking industry.

The acquisition would help add 115 banks spread over 35 countries as new clients, TCS said in a statement.

FNS's clients are mostly Tier I and Tier II companies in the emerging markets of Europe, Asia, Australia and Africa, it said.

"It will...enhance the range of TCS' asset-based solutions for the banking industry besides giving us a number of new global banking customers," S. Ramadorai, TCS' chief executive and managing director, said.

State Bank of India, India's largest bank, was one of three leading Indian clients for FNS, TCS said.

TCS had earlier this week said it would take over claims processing from British insurer and pension firm Pearl Group, that would generate US$848 million in revenue over the next 12 years.

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