BANGALORE,INDIA: Leading IT services, business solutions and outsourcing firm Tata Consultancy Services (TCS) today announced that it has signed a five-year global contract with Ericsson the global supplier in telecommunications, to deliver application maintenance and development services for Ericsson's internal IT operations.

TCS has been selected as one of the two strategic partners that will deliver application maintenance services to Ericsson and a preferred supplier for application development services, said a press release.

"This engagement with Ericsson clearly demonstrates TCS' unique value proposition as we drive more value for our European clients through increased service quality and greater alignment to their business needs," said Amit Bajaj, Director – Nordic Region, TCS.

According to Nils Molin, managing director Sweden at the analyst firm IDC, "This contract signifies the trend of increased acceptance of Indian headquartered IT companies delivering complex projects in the Nordic region."

Meanwhile, TCS Financial Solutions, a strategic business unit of  TCS, dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced the decision by LCH.Clearnet to select TCS BαNCS Market Infrastructure to provide the underlying technology for Synαpse Clearing Technology (Synαpse), LCH.Clearnet's multi-asset derivatives clearing platform.

LCH.Clearnet is Europe's largest clearing house and a leading independent central counter-party, said a press release.

LCH.Clearnet will work with TCS to develop market leading TCS BαNCS Market Infrastructure into the most advanced flexible derivatives clearing platform to which new products and markets can be added quickly.

Synαpse will enable LCH.Clearnet to service multiple derivative markets through a common platform, over a common framework, which accommodates specializations across multiple markets, the release said.