Tata Consultancy Services (TCS), the multinational information technology (IT) services and consulting company headquartered in Mumbai, is a part of the Tata Group and operates in around 150 locations across 46 countries. Watch the 55-year journey to see how what started as Tata Computer Systems became one of the largest companies in India
Tata Consultancy Services, initially started as Tata Computer Systems in 1968 when the 'Father of Indian IT', Faqir Chand Kohli brought together a young team of US-returned IT professionals. Its early contracts included punched card services to TISCO (now Tata Steel), working on an Inter-Branch Reconciliation System for the Central Bank of India, and providing bureau services to Unit Trust of India (UTI)
In 1971, the company won a project from an electric company in Iran, the first overseas assignment. In 1973, it partnered with Burroughs Computer to sell and service its systems in India and to develop software for its machines worldwide. A year later, it delivered a financial accounting solution for a housing society in the UK on behalf of Burroughs, the first full software development lifecycle project
In 1975, TCS delivered an electronic depository and trading system called SECOM for a Swiss company SIS SegaInterSettle. In 1976, TCS crossed $1 million in revenues. A year later, TCS parted ways with Burroughs Computers and pivoted as an independent software entity. The next year, it set up the New York office, the first sales office overseas
In 1981, TCS set up the Tata Research Development and Design Centre in Pune, India's first software research centre. This marked the beginning of TCS' Research and Innovation Journey. In 1982, it forayed into software with data dictionary for Burroughs, which eventually led to the creation of an accounting package EX. In 1983, TCS engaged with Swiss National Bank for the first offshore project from TCS Delhi
By 1987, the IBM mainframe Centre of Excellence was set up in Chennai (then Madras) with the installation of the imported IBM 3090 mainframe, making it the largest mainframe site in India for several years. In 1989, TCS signed a US $10 million deal with the Swiss Securities Clearing Corporation for the world's first real-time securities clearing and settlement system
In 1989, TCS signed a US $10 million deal with the Swiss Securities Clearing Corporation for the world's first real-time securities clearing and settlement system. In 1992, it set up the core banking platform for India's then newly created National Stock Exchange (NSE). In 1996, Faqir Chand Kohli retired and S Ramadorai took over as the CEO
In 1997, TCS went all-in on the Y2K remediation opportunity and pioneered the concept of a software factory to address the challenge. Using a highly automated approach, TCS leveraged special tools developed for the conversion and remediated about 700 million lines of code. Towards the end of 1999, It also decided to offer Decision Support System (DSS) in the domestic market. The company also registered its first tagline "Beyond the Obvious" in 1999
In 2000, it set up the ebusiness division in Mumbai, which grew to $500 million in five years. In 2022, TCS signed its first US$ 100 million deal with GE Medical Systems, the largest single contract ever won by an Indian software services firm at the time. In 2003, TCS crossed $1 billion in revenues, the first Indian IT services company at the time to achieve the milestone
In 2004, TCS launched its initial public offer. The company debuted at NSE and BSE, with the then largest IPO by a private sector company at an astounding US$ 1 billion, and it became the third-most valuable company immediately then. In 2007, TCS signed its first US$ 1 billion deal. A year later, the IT giant partnered with the Government of India to reimagine passport services. It also acquired Citigroup's back office operations in India for $505 million
In 2009, N Chandrasekaran took over as CEO and MD. Three years later in 2012, TCS crossed $10 billion in annual revenue. In Jan 2015, TCS briefly ended Reliance Industries Limited's 23-year run as India's most profitable firm. In 2017, Chandrasekaran was elevated as Tata Sons chairman and Rajesh Gopinathan became CEO and Managing Director
In 2021, TCS got a millennial makeover, and the company changed its tagline from "Experience Certainty" to "Building on Belief". Last year, TCS was named the second most valuable global IT services brand by Brand Finance. This year, Rajesh Gopinathan stepped down as TCS CEO and K. Krithivasan has taken over the reins of one of the most valuable IT companies in India
TCS shares closed at Rs 3,177.30 on NSE on Friday. TCS share price has jumped more than 2,500% from Rs 120 in August 2004. The market capitalisation of TCS as of June 16 closing stood at Rs 11.62 lakh crore.