TCS buys banking software maker for US$26 million

Tata Consultancy Services on Thursday announced it has bought Australian banking software maker Financial Network Services, for around US$26 million.

The acquisition of the Sydney-based firm will boost its offerings for banking and financial sectors, the Indian software maker said. FNS' Core Banking Solution will help TCS address the needs of retail and corporate banks globally, officials said. The software is deployed in 115 banks in 35 countries.