03-27-2007, 09:27 PM
http://www.tata.com/tcs/media/20040524.htm
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->TCS to acquire Phoenix Global
Business India â May 24, 2004
Software giant Tata Consultancy Services (TCS) is acquiring the Bangalore-based Phoenix Global Solutions (PGS), a technology business solutions provider to insurance companies, for an undisclosed sum. TCS last fortnight signed a definitive agreement to acquire PGS, subject to regulatory approvals, a company press release said. If the deal goes through, this will be TCS' fourth acquisition. PGS, with an annual turnover of $12-13 million, is a wholly owned subsidiary of the New York Stock Exchange-listed The Phoenix Companies Inc. As part of its restructuring exercise, the US-bases Phoenix put its Indian arm on the block. TCS had outbid EDS, one of the world's largest third-party BPO and IT solutions companies, in acquiring PGS, sorces said
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