TCS signs 'material multi-year contract' with large US company

The IT major on Monday said that it has signed a 'material multi-year contract' with a large US company, expanding its long-standing partnership to accelerate their cloud transformation journey.

TCS, in a regulatory filing, added that the transformation will serve as a platform for their future growth enabling business expansion, incubate new business models, improving customer experience and other strategic benefits.

"Tata Consultancy Services Ltd has signed a material multi-year contract with a large American company expanding its long-standing partnership to accelerate their cloud transformation journey and transform their technology landscape into a modern hybrid cloud stack for greater agility, flexibility, and improved operational resilience," the company said in a regulatory filing.

The cloud enabled operating model will be powered with advanced cognitive automation capabilities which will improve availability of business applications and enhance user experience. TCS did not disclose financial details of the deal.

In a separate announcement on Monday, TCS said that it has entered into a strategic partnership with Payments Canada, the country's largest payment organization, to transform its payment system operations and help implement the Real-Time Rail (RTR), the new real-time payments system that will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365.

TCS will leverage its deep knowledge of the Canadian payments industry and extensive experience in designing and implementing large payment systems for its Canadian financial services clients to help Payments Canada create and execute an integration roadmap for the RTR. "Additionally, TCS will use its solutions around quality engineering and participant engagement to effectively help plan and orchestrate a comprehensive end-to-end industry assurance program that will holistically validate the solution for the RTR deployment," it said in a statement.

TCS is a leading global IT services, consulting and business solutions organization offering transformational as well as outsourcing services to global enterprises.

TCS board will consider Q4 results on 11 April 2022. The IT major's consolidated net profit rose 12.4% to Rs 9,806 crore on a 16.4% increase in revenues to Rs 48,885 crore in Q3 FY22 over Q3 FY21.

Shares of TCS were up 0.34% at Rs 3769.80 on Monday.

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