MUMBAI, India, Aug. 16, 2012 /PRNewswire/ -- Tata Consultancy Services (TCS) (BSE: 523540, NSE: TCS) the leading IT services, consulting and business solutions firm, announced that it has entered into a definitive agreement to acquire 100 per cent equity of Computational Research Laboratories (CRL), a wholly-owned subsidiary of Tata Sons, for a cash consideration of Rs 188 crore (US $34 million).
The acquisition of CRL, a pioneering start-up firm in the arena of High Performance Computing solutions in India, will enable TCS to extend its suite of solutions and offer integrated HPC application and Cloud services to its large base of customers.
High Performance Computing (HPC) applications are finding increasing relevance and use among large enterprises, as they look to solve complex business problems like reducing their time-to-market. This is driving an increase in adoption of HPC based applications for modeling, simulations, visualization and big data analysis across the business.
TCS' global base of customers across multiple industries including automotive, aerospace, and energy are investing in the use of HPC applications and services. CRL's core strength in creating and managing HPC environments enriches TCS capabilities in Infrastructure Management, Engineering and Industrial Services and strengthens the focus on creating cloud based industry platforms.
"CRL's core capabilities in designing and building high performance environments coupled with our strong focus on Cloud-based, domain-rich industry platforms makes TCS very relevant to address the customers' growing requirement of HPC applications," said N Chandrasekaran, MD and CEO of TCS.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata Group, India's largest industrial conglomerate, TCS has over 243,000 of the world's best trained consultants in 42 countries. The Company generated consolidated revenues of US $ 10.2 billion for year ended 31 March, 2012 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com
SOURCE Tata Consultancy Services