UST Global has acquired Spanish IT consulting firm TCP, bolstering its operations in both Europe and Latin America. Financial details of the deals have not been disclosed.
The Madrid-based firm specializes in integration of IT solutions and is reported to serve almost every major company in the European country, as well as having significant operations in Brazil.
TCP does not have operations in any Spanish-speaking Latin American countries, but analysts expect UST Global to use it as a vehicle to expand into such markets.
UST Global already has delivery centers in Mexico, where it has a partnership agreement with Centro Fox, a non-profit organization headed by Mexico’s former president Vicente Fox Quesada.
“TCP provides the scale of operations that UST is looking for in terms of serving both Spanish and European markets, as it reinforces the company’s strong focus on the Banking and Telecom verticals,” UST Global stated in a press release.
The acquisition will obviously expand UST’s offerings and boost access to offshore development centers and skilled resources, including analysts, business and technology consultants.
“This is UST Global’s second acquisition in Spain and the deal will reinforce our market presence, contributing to better serving our current and prospective Spanish, Latin American and European customers,” stated Manu Gopinath, UST Global’s chief for emerging markets.
UST Global, which launched its operations in Spain earlier this year, says the European country is strategic to its global expansion due to its geographical placement and the availability of bilingual ICT talent. Worth nearly US$117 million, the country is the one of the most important ICT markets by volume in Europe.
The Aliso Viejo, CA-based technology services provider says it plans to hire 3,000 engineers in Spain over the next five years.
With about 65 customers and $650 million in annual revenue, UST Global rivals Indian outsourcing firms such as TCS, Infosys and HCL Technologies.