TCS teams up with SBI to parent software firm C-Edge

TCS and SBI join hands to form C-Edge Technologies.

16 Nov, 2005: Software major Tata Consultancy Services (TCS) and the State Bank of India (SBI) have joined hands to form a software firm. The joint venture, with an authorised capital of Rs 40 crore, is called C-Edge Technologies Ltd and will offer domain consulting and technology solutions for the banking and financial services industry.

Though TCS will hold majority stake (51%) in the joint venture both the firms will have equal number of board members, with SBI chairman.A K Purwar heading the board.

The banking and financial services segment contributes 42% of TCS’ revenues and the formation of the new firm is in line with the company’s ambitions to be a major player in the sector.

TCS is also currently working on implementing a core banking solution from an Australian banking product company called FNS in SBI.

FNS was acquired by TCS. The state-run banking behemoth is implementing FNS across 13,600 branches in the country.

All the associate banks of SBI is expected to be on the FNS core banking platform by the end of the year. By 2006, all SBI branches would also be operating on the platform.

K Kumar, head of TCS’ banking and financial services division, is the chief executive officer of C-Edge.