TCS strengthens Korean presence with local partnership
Seoul, Korea, November 26th, 2004
Tata Consultancy Services (TCS), a leading global IT services organization,
announced today it has signed a business cooperation agreement with Korean
IT services and systems integrator TongYang Systems Corp (TYS).
The agreement sees TCS and TYS joining forces to aggressively target the
local market, specifically in the banking, finance and insurance industries.
With this partnership, both companies are in an advantageous position to
execute larger projects which need localization in Korean and local support.
"This partnership brings unique benefits and competitive advantages to the
Korean market - blending TCS' enhanced project execution and developmental
capabilities, with TYS' vast experience and knowledge of the local market,"
said Mr. Girija Pande, regional director for TCS Asia Pacific.
Mr. Pande added: "Customers can now benefit from higher quality solutions,
as well as a wider range of offerings. This tie-up is a strong signal of our
continued commitment to the Korean, and Asia Pacific markets."
The agreement is expected to bring higher business volumes for both TCS and
TYS, as well as provide CMMI® and P-CMM® Maturity Level 5 quality standards
to Korean customers. TCS will make available to TYS its development tools
and methodologies, and further ramp up R&D efforts to improve local software
development and implementation processes.
"This partnership will increase both parties' abilities to expand and
exploit opportunities in providing market leading IT services to progressive
Korean organizations," said Mr. Ja Hong Ku, chief executive officer for TYS.
"TCS' globally advanced capabilities and TYS' regional market knowledge will
empower customers, enabling them to increase their competitive advantage and
profitability within the market."
TCS' global customers in the financial services industries include: SIS,
Switzerland, STRATE, South Africa, National Stock Exchange (India), National
Securities Depository Limited, India, Canadian Depository, Kuwait Clearing
and Company, Deutsche Bank, ING Group, AIG, and AXA Insurance.
About TYS
TongYang Systems Corp. is a total IT service company focused on Korean local
market, which provides system integration, solution development, outsourcing
and related consulting to customers. The Company delivers advanced and
sophisticated IT services to various industries such as government, finance,
and manufacturing. Especially, the Company has a highly strong position in
the field of financial markets and leads the markets.
TYS recorded revenues of $93 million (U.S.) in the fiscal year 2003. The
company is listed on the KOSDAQ stock market in Korea. For more information:
www.tysystems.com.
Contact:
Gavin Foo
Fleishman-Hillard Singapore
Phone: +65 6424 6375
Email: foog@fleishman.com
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