TCS acquires core banking solutions company

TCS has acquired Financial Network Services (FNS), a Sydney-based core banking solutions vendor, for $26 million (Rs 117 crore). FNS has a topline of $25 million and its products are used by 115 banks in Asia, Latin America, Africa and West Asia. The FNS solution has been implemented in three major Indian banks so far, including SBI.

It will add great value to the company as it enhances the range of TCS's asset-based solutions for the banking industry, besides giving it a number of new global banking customers in Asia, Europe and South Africa. TCS will now have its own core banking solution, like i-flex Solutions and Infosys.

With this acquisition, TCS adds a core-banking product to its financial services solutions portfolio of Quartz (private investment banking product) and NCS (custody product). Product revenue currently accounts for 10-11 per cent of the $750-million revenue TCS earns from the BFSI sector.

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