TCS and SBI form C-Edge Technologies Ltd

New TCS and SBI joint venture is software firm.

BY OUR TECH CORRESPONDENT

18th November, 2005: In a significant move which can have a major impact in the banking and financial sector, Tata Consultancy Services (TCS) and State Bank of India (SBI) have announced the formation of a joint venture. It aims to provide world-class domain consulting and advanced technology solutions in the banking and financial sector. After the formation, the joint venture will be known as C-EDGE TECHNOLOGIES LIMITED. A whooping 40 crore has been put into this new firm.

51:49 will be the ratio respectively with which TCS and SBI will have equity participation in the C-EDGE TECHNOLOGIES LIMITED. The participation for the Board of Directors from both the firms will be equal.

C-EDGE TECHNOLOGIES LIMITED will develop high-value niche assets and solutions by leveraging domain and technology capabilities of TCS and SBI. These new assets are expected to complement and leverage TCS's comprehensive suite of banking assets.

TCS has recently acquired FNS, which is a banking products company from Australia. The new JV will also deploy FNS products in the role of a preferred systems integrator and leverage the experience both organizations have gained in the core-banking roll-out in the State Bank group.

CEO and Managing Director of TCS, Mr.S.ramadorai said on the new JV, "this is the first major collaboration between two world-class Banking and Technology behemoths and will reinforce TCS' articulated strategy of becoming a full services player and growing our dominant position in the global BFS domain".

"SBI and TCS have a long tradition of working well together and this relationship will now on focus on developing cutting edge financial technologies," added Mr. Ramdorai.

C-EDGE TECHNOLOGIES LIMITED will offer transformational capabilities to banks and financial institutions in India and other markets by helping them to use technology as a competitive tool in the market place using bureau services and service platforms.

"Globalization brings new opportunities and this JV is a logical extension to fully utilize the Bank's capabilities, which can serve the State Bank Group as well as other BFS entities worldwide', said Mr. A.K.Purwar, Chairman of SBI.

He also added that, "the State Bank Group has excellent banking technology professionals and this venture with our long-standing technology partner, TCS, will help provide them with a platform to exploit their domain knowledge to create exciting new solutions and add great value to the new firm's implementation capabilities". 

Tata Consultancies Services (TCS) is a world leader in information technology consulting, services, and business process outsourcing organization .

BY OUR TECH CORRESPONDENT