Brussels: The largest software company out of Asia today consolidated its westward growth by opening new offices and signing off on a securities processing deal at the heart of Europe in Brussels. 

"The European Union is India’s largest trading and investment partner. It is also a gateway to and from a part of the world that is registering record growth. The coming years are full of promise," said Subramaniam Ramadorai, CEO, Tata Consultancy Services (TCS), at a solemn inauguration ceremony of TCS’ new premises in Brussels. “We are here for the long haul and we look forward to working closely with our European partners in the years ahead,” he added. Also present at the ceremony was TCS’ Executive Vice President N. Chandrasekharan who is spearheading the company’s European growth strategy. 

Earlier in the day, Mr Ramadorai signed off on a deal with the joint venture that KBC Bank and Rabobank Nederland have recently set up to process securities transactions for both retail investors and professional parties.

TCS will provide and support the new Quartz core software used by the joint venture. Both banks’ systems were due for replacement and the joint venture now allows them to share the cost of investing in new IT systems. Moreover, this venture will allow both KBC Bank and Rabobank Nederland to take advantage of the possibilities afforded by new technologies and the know-how from a professional IT partner like TCS. "We are looking forward to working with TCS on this exciting new project," said Christel Gijsbrechts, Director of the joint venture. 

Commenting on the deal, G. Fransen, Business Development Manager at Rabobank Netherland Securities Services said, "Our strategic decision with our partner KBC Bank to select the solutions developed by TCS will allow the new venture to offer advanced and cost-efficient back-office and IT services thus improving the overall competitiveness of our groups." 

Initially the joint venture will be the Securities Competence Centre for the processing of all securities transactions from Rabobank, KBC Bank and their affiliates. Later, the Securities Competence Centre will offer these services on a commercial basis to other banks in the Euronext-zone. 

TCS’ pace of activities in the heart of Europe come even as the EU discusses a policy framework for a "EU-India Strategic Partnership". The paper recognises that India’s rapid metamorphosis into a regional and global leader on the one hand, and the exponential growth in the scope and depth of its relationship with the EU on the other, have made it incumbent upon both sides to develop a partnership with greater strategic edge. 

With 800 customers worldwide that include seven of the first 10 Fortune 500 companies, TCS is entering Europe with sterling credentials. In addition to its successful listing recently at the Mumbai stock exchange that resulted in a market capitalisation of $10 billion, TCS is the first company in the world to simultaneously achieve CMMI and P-CMM Maturity level 5. It is also the world’s first company to use the SCAMPI methodology for P-CMM appraisals.

Officials at TCS say IT services spending in Western Europe is estimated at US$172 billion by end of 2004 and will reach US$205 billion in 2007.