Bryan, Garnier & Co advises the founders and main shareholders on the sale of Alti to Tata Consultancy Services for €75M

Bryan, Garnier & Co advises the founders and main shareholders on the sale of Alti to Tata Consultancy Services for €75M

News published on July Tuesday 9, 2013
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Paris, July 9th, 2013 - CM-CIC LBO Partners, IDI and the Executive Board of Alti, a French leader in SAP solutions, announced today they have sold 100% equity shares in Alti SA to Tata Consultancy Services.
Tata Consultancy Services (BSE: 532540, NSE: TCS, Market cap.: US$ 48.4 Billion as of July 3rd, 2013), a leading IT services, consulting and business solutions firm announced today that it has acquired 100% equity shares in Alti SA, an IT services company in France for an enterprise value of € 75 million in an all-cash transaction. Alti SA is a leading French technology services firm with strong expertise in SAP solutions, IT services, insurance and BI solutions.
Founded in 1995 by André Bensimon and Michel Hamou, Alti is a privately-held company with revenues of € 126 million in 2012. Alti SA is regarded as one of the top 5 system integrators of SAP solutions in France. It counts the top French corporations in the banking, financial services, luxury, manufacturing, government and utilities sectors as its key customers.
With the support of CM-CIC LBO Partners and IDI since 2007, the founders of Alti SA have pursued its organic development as well as its external growth strategy, and therefore Alti SA has progressed towards a significant turnover increase with revenues of €64 million in 2006 to € 126 million in 2012. Today, the company has over 1,200 professionals in France, Belgium and Switzerland.
The acquisition of Alti SA is a new step in the long-term growth strategy led by TCS which will strengthen its footprint in France and other regions in Europe. In addition, this operation will help TCS to serve its clients in France and across the region more comprehensively with an expanded set of services and solutions and bring the best of TCS to French corporations.
Virginie Lazès, Managing Partner, Head of Corporate Finance, said: "This new transaction by Bryan, Garnier & Co highlights our ability to provide tailor-made services for shareholders either PE Groups or entrepreneurs looking for a successful international exit. In a more complex economic environment, this also confirms our leadership in midcap IT Services transactions in France".
"This is the first sizeable transaction by an Indian IT player on the French market. This transaction will strengthen the footprint of TCS in France and even in Europe and participate to the global strategy being to maintain a 2-digit revenue growth target. At last, with regard to the increasing awareness of existing opportunities in Continental Europe, we anticipate this transition will not remain one of a kind", stated Thibaut De Smedt, Partner.
"Indian companies are under represented in Europe and are keen on increasing the share of revenues coming from large markets like France, Germany, Nordics etc. Strategic investments in strong front ends like Alti are crucial to acquiring long standing and deep client relationships in high growth sectors like BFSI, Consumer and Industrials. Plugging in new service lines and off shore capability goes a long way in putting these SBU's on the path of high growth and improved profitability", added Gaurav Juneja, Executive Director.
Alexandre Boukhari, Director, concluded: "We have always shared the intuition that only an Indian actor would be able to offer a premium substantially greater than European and even American companies. This transaction has now shown that we were right".

For more information, please contact:

Virginie Lazès  -  Managing Partner - Head of Corporate Finance / vlazes@bryangarnier.com

Thibaut De Smedt  - Partner / tdesmedt@bryangarnier.com

Alexandre Boukhari - Director / aboukhari@bryangarnier.com

Gaurav Juneja - Executive Director / gjuneja@bryangarnier.com

Jonathan Foiret Hurbin - Senior Associate / jfoirtehurbin@bryangarnier.com

About TCS (www.tcs.com)

Founded in 1968, Tata Consultancy Services Limited is an Indian multinational information technology (IT) services, business solutions and consulting company headquartered in Mumbai, Maharashtra. TCS is a subsidiary of the Tata Group and is listed on the Bombay Stock Exchange and the National Stock Exchange of India. It is one of India's most valuable companies and is the largest India-based IT services company by 2012 revenues (US$ 11.66 Billion). With a total of 276,196 employees as of March 2013, the company is the largest India-based IT services company by employee count as well.

About Bryan, Garnier & Co (www.bryangarnier.com)

Bryan, Garnier & Co Bryan, Garnier & Co is an independent investment bank specialized in European TMT, Healthcare and Renewable Energies growth companies. Bryan, Garnier & Co is positioned in three activities: Equity Research & Brokerage, Asset Management and Corporate Finance.

With more than 150 professionals based in London, Paris, New Delhi, New York and Geneva, Bryan, Garnier & Co combines the range of services and the expertise of top-tier investment banks with the level of attention to clients of a boutique.

Through its corporate finance practice, Bryan, Garnier & Co has become a leader in advising European growth companies on strategic finance transactions such as mergers & acquisitions, equity capital market, LBOs and private placement over the last three years.

Bryan, Garnier & Co is authorized and regulated by the Financial Conduct  Authority (FCA) in the United Kingdom, and is member of London Stock Exchange and Euronext, Alternext Listing Sponsor, and is active on all European capital markets.

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