Tata Consultancy Services (TCS) has acquired 100% stake in Chilean software firm Comicrom for $23 million.An official release issued by TCS said: "Comicrom is a privately held company with 1,257 employees, and provides business process outsourcing (BPO) services to banks, insurance firms, pension funds, government bodies and other large corporations in Chile." The company had revenue of $35.5 million in FY05, and an operating margin of 14%.Comicrom and TCS also have a joint venture in Chile for IT services where Comicrom held 49% of the equity. As part of the current transaction, TCS has bought out Comicrom's stake in the joint venture, the release added."The acquisition strengthens the company's foray in the Latin American BPO market, and boosts its regional staff strength to over 2,000 and client base to over 100," the release said.S Ramadorai, MD and CEO of TCS, said: "The acquisition is a further step in realising TCS' strategy of acquiring leadership in platform-based BPO for the banking and insurance domain. It also expands capability in terms of becoming a full services player."
