Tata Consultancy Services was founded in 1968 by a division of Tata Sons Ltd. Later they established TCS as a division to service their electronic data processing (EDP) requirements and provide management consulting services. Tata Sons Ltd owns 70% of TCS as of 2017.
TCS is one of the largest Company of India by market capitalization. TCS Ltd is a leading global IT services consulting and business solutions organization. The company offers a wide range of IT services outsourcing and business solutions. Tata Consultancy Services is now placed among the most valuable IT services brands worldwide. TCS alone contributes about 70% dividends of its parent company, Tata Sons. TCS headquarter is in Mumbai.
Early years of TCS
One of the earlier Contract of TCS included Punched Card services to sister company TICSO (now Tata Steel) and providing bureau services to a Unit trust of India. TCS also offers IT infrastructure services, business process, outsourcing services engineering. Even more, industrial services global consulting and asset leveraged solutions.
They provide various services; their segments include banking financial services and insurance; manufacturing; retail and distribution and telecom. The company is a part of Tata Group which is one of India’s most respected business conglomerates and most respected brands.
TCS acquired company name ICL 1903 in 1970. After acquiring the company TCS started building software for a common process like financial accounting, share registry work, sales analysis, and inter-bank reconciliation, provident fund accounting, etc. and operating that software on the behalf of customers.
They started their first international assignment in the year 1971. Their first assignment was to build a computerized inventory control system and organize the store for management consultancy services.
In 1973 TCS partnered with Burroughs to distribute and supports its product in India as well as build software that would be exported to various Burroughs units and client all over the world. TCS completed their first full software development lifecycle in 1974 when they built a financial accounting package for two building societies in the UK on the behalf of Burroughs.
Growth over the Years of TCS
TCS was growing within a few years of its establishment. After 7 years of its establishment, TCS crossed the $1 million mark in export revenue. TCS opened Tata Research and Design Development Centre (TRDDC) in Pune, India in 1981 with the objective of focusing on computer-aided software engineering i.e. a structured, tool driven approach to software development using process automation.
It was a farsighted vision of the management of the company to open TRDDCIn 1983 TCS engaged with Swiss National Bank in the first and largest offshore project done out of Delhi Centre. Until then, Mumbai had been TCS’ only offshoring destination.
In 1988 TCS launched the integrated standard banking system which automated branch banking functions and customer service, which was quickly adopted by many banks in India. Furthermore, in 1989 TCS signed a huge deal of $10 million with Swiss Securities Clearing Corporation (SEGA) to design, build, and implement the world’s first real-time domestic and cross border securities clearing and settlement system.
In 1991 TCS launched a user-friendly accounting software package called E.X. in India, which went on to become a market leader in India in subsequent years. In 1992 TCS set up the core trading platform of newly created National Stock Exchange, Which changed the way capital markets worked in India.
TCS launched the Network Custody Systems (NCS) in 1995 in partnership with Standard Chartered Bank in Singapore. The product went on to become a runaway hit, adopted by a leading custodian and other market participants across the world.
In 2000 TCS unveiled a new $2 million global e-business development facility at Mumbai. TCS aggressively pursued the e-business opportunity, grew it into a significant business over the next few years.
In 2001, TCS won the largest banking software project in India. A project was to implement a core banking solution at State Bank of India across 13,000 branches, including seven associate banks. Likewise, TCS Signed the first $100 Million deal with GE Medical Systems in 2002. One of the largest single contracts ever won by an Indian software services company till then.
In 2003 TCS Crossed the $1 Billion mark in annual revenue. Then-CEO S Ramadorai formally unveiled the vision statement, ‘Top 10 by 2010’. This goal was achieved before time in 2009, when TCS finally broke into the ranks of the top 10 global IT service-providers in terms of revenue, profitability, number of people and market capitalization.
TCS unveiled its tagline “Experience Certainty” in 2005. In the same year, TCS won a deal valued at $847 million (£486 Million) to provide insurance back office transaction processing services to the UK-based Pearl Group.
TCS also acquired Sydney-based Financial Network Services for approximately US$ 26 million and Chilean business process outsourcing company, Comicrom, for $23 million.TCS introduced two new service lines, Remote Infrastructure Management, and Business Process Outsourcing, marking the formal launch of our full services strategy.
Present Condition of TCS
TCS Crossed $10 billion in revenue in 2012. The cloud platform of TCS namely ion assessments, financial inclusion, HR, financial accounting, TAP™, procurement, and analytics crossed $100 million in revenue in 2015. TCS ranked 64th overall in the Forbes World’s Most Innovative Companies in 2015.
TCS Net Worth
It is the world’s 9th largest IT services provider by revenue. TCS ranked 10th on the Fortune India 500 list in 2017. In April 2018, TCS became the first Indian IT company to reach $100 billion market Capitalization. The revenue of TCS in the year 2018 is $19.08 billion.
Tata Consultancy Services has $15.4B in estimated revenue annually. The company competes with a similar tech giant like Wipro Technologies, Hewlett-Packard, and Infosys. Tata Consultancy Services has made 2 investments. Their most recent investment was on Dec 18, 2015. They invested $2M in KOOH Sports.
Number of Acquisition
Tata Consultancy Services has acquired 16 organizations. Their most recent acquisition was The BridgePoint Group on Nov 28, 2018.