Continental Europe has given India-based Tata Consultancy Services (TCS) and the broader IT outsourcing sector reasons for a positive outcome from the Covid-19 pandemic.

In its results for the past 12 months -TCS reported Continental Europe as the only region in which sales increased by 5.5%.

In fiscal year 2021, which ended in March, Continental Europe achieved 16.3% more TCS revenues than the UK, compared to 15.6% in the UK.

In the last three months of the year, the region achieved quarterly sales of over USD 1 billion for the first time, with 16.8% of global sales in continental Europe amounting to almost USD 6 billion.

In a year of unprecedented uncertainty and business challenges for IT suppliers and their customers, the results of TCS, a leitmotif for the IT sector, show positive signs that the global economy is deteriorating after the slowdown of Covid-19 Globally, TCS reported revenue of just over $ 22 billion for the last full year, an increase of 0.7% year over year, with a profit of $ 4.5 billion. The company also employed more than 40,000 people for a total of more than 488,000.

In continental Europe, TCS won a number of notable contracts that went beyond the traditional outsourcing of IT services companies from India.

One of them a software deal in which the French bank Société Générale Securities Services took over the BaNCS platform from TCS. In Belgium, insurer AG signed a contract with TCS as part of a project to improve its digital channels and modernize its IT systems.

The Nordic region also had significant profits for TCS: construction company Skanska was hired to undertake its endeavor support to become the most digitally progressive company in the construction industry, while the Swedish company Ericsson uses the know-how of TCS to build and operate its cloud-based R&D digital workplace.

The climax of the continental European growth of TCS was however, possibly the acquisition of the Postbank Systems IT business of Deutsche Bank as part of the long-term relationship with Deutsche Bank worth over USD 100 million. With the takeover, TCS will employ 1,500 people with extensive knowledge of SAP banking and deepen the relationship with one of the largest European companies.

“Our investments in the development of new functions as well as in research and innovation over the past ten years position us good for the upcoming multi-year opportunity for technology services, “said Rajesh Gopinathan, CEO of TCS.

Peter Schumacher, CEO of management consultancy The Value Leadership Group, said TCS ‘performance reflects strong demand from companies in continental Europe, Cost and carry out large, digitally-enabled transformation initiatives at an accelerated pace. “Beyond customer-centric demand, the results also show that the company is able to respond appropriately to market situations and compete effectively,” he said.

Schumacher said TCS avoided buying market share , adding, “While TCS has continued its organic growth approach and focused on its customers’ needs and the skills of their employees, some competitors have gotten drunk on acquisitions.”

Suppliers need to get in shape, since demand is already picking up, according to ISG. The company, which records all contracts worth $ 5 million or more, said it spent just over $ 17 billion on IT and business services in the first three months of this year, which is 11% more than in corresponding period last year.

These numbers reflect a rebound in spending that was held back after the collapse of economic activity during the Covid-19 crisis that began to hit businesses in March last year.

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