Tata Consultancy Services (TCS) has been doubling its headcount in the Nordic region every five years, in contrast to its total headcount that doubled over a ten-year period. Against the organic route pursued by TCS, peers like Infosys and Wipro have boosted their presence in the Nordic region through the acquisitions.
As per regulatory filings by the company, it had over 4,500 employees in the Nordic region in 2013, which grew to around 9,000 by 2018. In 2023, the headcount has more than doubled to 20,000 in the region.
In contrast, the company’s total headcount, which was at over 300,000 in 2013, more than doubled to 615,000 in 2023.
“Nordic is the next best attractive region after the UK in Europe for IT service companies because challenges related to language is not there. Further, Nordic firms have a global outlook,” Pareekh Jain, founder of Pareekh Consulting, said.
In the current calendar year, TCS won six major deals in Europe. This assumes significance as US firms are going slow in signing deals due to an uncertain demand environment.
Gaurav Vasu, founder, UnearthInsight, recently told FE, “Nordic locations are key talent geographies for tech services companies which will help them optimise cost of operations at European level and hence headcount growth is expected to be faster than other regions in Europe.”
TCS has been present in the Nordic region since 1991 and has been supporting leading enterprises in Sweden, Finland, Norway and Denmark to drive their growth and transformation. One of its biggest clients in the region is Telenor. The company’s revenue from Europe has been around 30% since last couple of years.
With its large skill base located nearer to clients, TCS has been getting more and more deals from Nordic customers.
Three months ago, Ikano Bank AB in Sweden selected TCS BaNCS™ Global Banking SaaS Platform for its pan-Europe core banking transformation. The Swedish retail and commercial bank was founded by Ikea founder Ingvar Kamprad.
Other IT firms are also ramping up their operations in Nordic. Recently, Wipro and Infosys have made acquisitions of Capco and BASE, respectively, which have helped them scale up in Europe, including Nordic region.
Source : Financial Express
