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Tata buys Aussie banking systems specialist

Indian services company Tata Consultancy Services announced today it had purchased Sydney-based core banking solutions vendor Financial Network Solutions for about US$26 million.Tata said the acquisition -- its first major international purchase -- would -further strengthen [our] portfolio of banking and financial services products by adding a strong, high-performance core banking solution with an established global customer base".

Indian services company Tata Consultancy Services announced today it had purchased Sydney-based core banking solutions vendor Financial Network Solutions for about US$26 million.

Tata said the acquisition -- its first major international purchase -- would -further strengthen [our] portfolio of banking and financial services products by adding a strong, high-performance core banking solution with an established global customer base".

Tata had already customised and implemented the FNS solution for the State Bank of India and had -successfully positioned" the solution with three other institutions in the country, a statement from the company said.