India's Tata Consultancy Services (TCS) has acquired Financial Network Services (FNS), a Sydney-based provider of core banking technology, for US$26 million.
Founded in 1982, FNS's flagship core banking product, Bancs, is used by 115 banks in 35 countries in Asia, Europe and Africa.
TCS says the acquisition will add "great value" to the company as it enhances the range of asset-based system it provides to the banking industry.
As a distributor of the Bancs product in India, TCS has already implemented the technology at Indian Bank as well as State Bank of India. TCS also signed The Central Bank of India (CBI) to the platform earlier this year and will roll out the technology to 1000 CBI branches.
N Chandrasekaran, global head of sales and operations, TCS, says: "With this acquisition, TCS will compete aggressively in the core banking enhancement and replacement market."
News of the acquisition follows TCS's landmark £486m BPO deal with the UK's insurance and pensions firm Pearl announced earlier this week.