Tata Consultancy Services

Tata Consultancy Services was founded in 1968; its initial assignments included bank reconciliation, payroll and accounting services for several Indian companies, including Tata group companies. In 1971, it won a project from an electric company in Iran, its first overseas assignment.⁠[1][1][1]

In 1973, the company partnered with Burroughs Computer to sell and service its systems in India and develop software for its machines; the same year it executed the first offshore delivery project from India, for a hospital in Detroit. In 1974, it delivered a financial accounting system for a UK housing society on behalf of Burroughs, its first full software development lifecycle project; in 1976 its revenues passed $1 million. In 1978, the company parted ways with Burroughs and became an independent software entity.⁠[1][1][1][1][1]

In 1979, the company set up its first overseas sales office on Park Avenue in Manhattan, New York, and won a three-year contract with IGIC using an onsite-offshore model with a 24-hour service delivery cycle. In 1981, it set up India’s first software research center, the Tata Research Development and Design Centre, in Pune. It later signed a deal in 1989 for the world’s first real-time securities clearing and settlement system for Switzerland, and in 1992 set up the core platform for India’s newly created National Stock Exchange.⁠[1][1][1][1][1][1]

In 1996, Faqir Chand Kohli retired and S Ramadorai took over as chief executive officer; that year the company built the core platform for National Securities Depository Limited, India’s first electronic depository, in less than five months. From 1997, the company took part in Y2K remediation work.⁠[1][1][1]

In 2001, the company set up its first nearshore development center in Budapest, Hungary, and in 2002 development centers in Uruguay and China; that year it won a $100 million GE Medical Systems project, at the time the largest IT services deal won by an Indian company. In 2003, its annual revenues passed $1 billion, making it the first Indian IT services company to reach that mark, and it set a goal of joining the global top 10 by 2010.⁠[1][1][1][1]

In 2004, the company made its initial public offering and listed on Indian stock exchanges, immediately becoming India’s third-most valuable company; then Tata group chairman Ratan N Tata and chief executive Ramadorai attended the listing.⁠[1][1]

The Tata group merged Tata Infotech into TCS effective April 1, 2005, with Tata Infotech shareholders receiving one TCS share for every two shares held; Tata Sons held 80.64% of TCS before the merger and about 80.52% after. On the basis of the fiscal year ended March 2005, the merged TCS had sales of 107.08 billion rupees, becoming the first Indian IT company with sales of more than 100 billion rupees. The same year, the company won an $847 million contract to provide insurance back-office transaction processing services to the UK’s Pearl Group (later renamed Phoenix Group).⁠[2][2][2][2][2][2][1]

In 2006, two former employees sued TCS, a related Tata company and holding company Tata Sons in California, alleging that the company required non-U.S.-citizen employees to sign powers of attorney letting an outside agency file their tax returns and to hand their tax refund checks back to the company, and that it did not pay the salaries promised before they came to the United States. In February 2013, TCS agreed to pay $30 million to settle the case, which covered about 12,800 current and former employees; the company said it had always acted appropriately and settled to eliminate the distraction to its associates and management, and the Tata group did not admit any wrongdoing.⁠[3][3][3][3][3][3][3][3]

In 2008, the company partnered with the Government of India to overhaul passport services, and acquired Citigroup’s back-office operations in India for $505 million.⁠[1]

In 2009, N Chandrasekaran took over as chief executive officer and managing director, and the company reached its global top 10 goal a year ahead of target. In 2011 it launched TCS iON, a pay-per-use service for small and medium-sized businesses; in 2012 its annual revenues passed $10 billion; and in 2014 it launched the cognitive automation product ignio, opened an all-women business process services center in Riyadh, Saudi Arabia, and became title sponsor of the New York Marathon.⁠[1][1][1][1][1][1]

In October 2014, U.S. electronic health record software company Epic Systems sued TCS and its U.S. subsidiary Tata America International in federal court in Wisconsin, alleging that while consulting for Epic customer Kaiser Permanente, TCS employees downloaded thousands of documents containing Epic’s confidential information and trade secrets without permission from 2012 to 2014, and used them to prepare a “comparative analysis” against TCS’s own healthcare software, Med Mantra, in an attempt to enter the U.S. market; one employee account downloaded 6,477 documents.⁠[4][5][5][5][5][4]

In April 2016, a jury ordered TCS to pay Epic $240 million in compensatory damages and $700 million in punitive damages, a total of $940 million; TCS denied infringing intellectual property and said it would appeal. The district court reduced compensatory damages to $140 million and punitive damages to $280 million under Wisconsin’s statutory cap, entering judgment on October 3, 2017. On August 20, 2020, the Seventh Circuit upheld the $140 million compensatory award but found the $280 million punitive award unconstitutionally excessive and remanded for a reduction; the district court entered a new judgment totaling $280 million ($140 million in punitive damages) on July 12, 2022, which the appeals court affirmed in July 2023.⁠[4][4][4][6][6][5][6]

In affirming on July 14, 2023, the appeals court found that TCS’s “brazen and outrageous” misconduct, stealing commercially valuable information and trying to prevent the theft’s discovery, justified $140 million in punitive damages. The parties then disputed when postjudgment interest on the punitive damages began, a difference of about $6 million; on June 4, 2025, the Seventh Circuit reversed the district court and ruled that this interest ran from October 3, 2017.⁠[6][6][6][6][6][6][6]

In 2017, Chandrasekaran was elevated to chairman of Tata Sons, the Tata group’s holding company, chairing his first board meeting on February 21, and became chairman of the group’s major companies including TCS; Rajesh Gopinathan succeeded him as TCS chief executive officer and managing director. That year the company unveiled its “Business 4.0” framework; in 2018 the company completed 50 years.⁠[1][7][7][1][1]

In 2018, a California federal jury found in a discrimination case brought by non-South Asian employees that TCS had not discriminated against non-South Asian workers.⁠[8]

In April 2019, DXC Technology (through a suit filed by its predecessor, Computer Sciences Corporation) sued TCS and Tata America International in the U.S. District Court for the Northern District of Texas, alleging misappropriation of its trade secrets; the plaintiff said TCS took on about 2,200 employees from insurer Transamerica and used their access to confidential information to develop a competing life insurance administration platform. In November 2023, a jury found TCS liable for misappropriating trade secrets and awarded $70 million in compensatory damages and $140 million in punitive damages, a total of $210 million.⁠[9][10][10][9][9]

In June 2024, the court revised the award to $56 million in compensatory damages and $112 million in punitive damages, added $26 million in prejudgment interest and attorney’s fees, and issued a permanent injunction with a monitor. In November 2025, the Fifth Circuit affirmed the monetary award but vacated the injunction and remanded for a narrower one; after its rehearing petitions were denied, TCS petitioned the U.S. Supreme Court for certiorari in March 2026. In June 2026, the Supreme Court declined to hear the case, and TCS recorded an additional one-time charge of $70 million in the first quarter of fiscal 2027 on top of an existing $150 million provision, for a total exposure of $220 million.⁠[9][9][9][9][9][10][10][10]

On June 1, 2023, K Krithivasan took over as chief executive officer and managing director. In fiscal 2024, his first year, the company had revenues of $29.08 billion (2.40893 trillion rupees), an operating margin of 24.6% and a year-end order book of $42.7 billion; 2024 also marked 20 years since its listing on Indian exchanges. That year the company launched the generative AI aggregation platform WisdomNext, and Jaguar TCS Racing won the ABB FIA Formula E Teams’ World Championship for the first time.⁠[1][11][11][11][1][1]

From late 2023, more than two dozen former U.S. employees, largely non-South Asian and over 40, filed complaints with the U.S. Equal Employment Opportunity Commission (EEOC), alleging that TCS discriminated against them on the basis of race, age and national origin in layoffs while retaining Indian colleagues, some of them on H-1B visas. In April 2024, Representative Seth Moulton wrote to the EEOC asking it to consider an investigation, saying TCS’s actions may have constituted a pattern or practice of discrimination against Americans and a potential misuse of U.S. work visa programs.⁠[12][12][12][12][12][12][12]

In April 2025, after reports that the EEOC had opened an investigation, a TCS spokesperson said allegations that the company engages in unlawful discrimination were “meritless and misleading,” and that the company has a strong record as an equal opportunity employer in the United States.⁠[12][12][12]

On July 27, 2025, TCS announced it would cut about 2% of its global workforce over the next year, mainly in middle and senior grades, as part of a transformation into a “Future-Ready” organization alongside investment in new technologies, entry into new markets and large-scale deployment of AI; the company said it would provide appropriate benefits, outplacement and counseling to those affected. With about 600,000 employees, the move could affect about 12,000 people.⁠[13][13][13][13]

In October 2025, the company set up HyperVault, an AI data center subsidiary, planning to invest $6.5 billion over six years to build 1 GW of data center capacity by 2031. In November, private equity firm TPG agreed to pay 88.2 billion rupees ($1 billion) for a 49% stake in HyperVault, with TCS retaining 51%, and the two planned to invest up to 180 billion rupees over the next few years. In October and December of that year, the company acquired Salesforce partner ListEngage and signed an agreement to acquire Coastal Cloud, respectively.⁠[14][14][14][14][14][15][15]

In fiscal 2026 (ended March 31, 2026), the company had revenues of 2.670 trillion rupees (267,021 crore), up 4.6% year on year (down 2.4% in constant currency), an operating margin of 25% and total contract value of $40.7 billion; it had 584,519 employees at year-end. The company has 194 service delivery centers in 56 countries, and its consolidated revenues for fiscal 2026 exceeded $30 billion. As of October 2026, Krithivasan is chief executive officer and managing director and Aarthi Subramanian is executive director, president and chief operating officer; the company lists AI-led transformation, cloud, cybersecurity, IoT and digital engineering, and enterprise solutions as its five strategic bets.⁠[16][17][17][17][17][15][15][17][17]

In August 2026, TCS informed stock exchanges about threat intelligence alerts alleging possible exposure of some employee information, saying the information appeared to be more than four years old and limited to basic employee details, that there was no credible evidence of a breach of its systems or customer environments, and no indication that customer data or systems had been affected.⁠[18][18][18][18]

On October 8, 2026, at a White House anti-fraud task force press conference, U.S. Labor Secretary Keith Sonderling, citing criminal investigations led by Labor Department Inspector General Anthony D’Esposito, announced the suspension of Cognizant, InfosysInfosysInfosys (Infosys Limited) is an information technology services and consulting company headquartered in Bengaluru, India, founded in 1981 by N. R. Narayana Murthy and six others. Listed on Indian stock exchanges and the New York Stock Exchange, it had revenues of $20.158 billion in fiscal 2026 and more than 328,000 employees, and is one of India’s major information technology services companies.Open the full entry, Tata, WiproWiproWipro (Wipro Limited) is an information technology services and consulting company headquartered in Bengaluru, India. It began in 1945 as the vegetable oil maker Western India Vegetable Products and was transformed into an IT company under Azim H. Premji; listed on Indian stock exchanges and the New York Stock Exchange, it had revenues of about $10.5 billion in fiscal 2026 and more than 240,000 employees.Open the full entry, HCL and Capgemini from the Permanent Labor Certification (PERM) program, as well as Microsoft and Adobe; “Tata” referred to Tata Consultancy Services. The Department would not accept or process any new or pending applications involving these companies; PERM is a prerequisite for most employment-based green card petitions, and the measure does not cancel existing H-1B visas.⁠[19][19][19][20][19][20][20]

Sonderling said that since 2009 these companies alone had requested almost three million foreign workers and received more than 230,000 H-1B visa approvals and more than 100,000 permanent labor certifications. As of that day, prosecutors had brought no criminal charges in the labor investigation; TCS declined to comment to ReutersReutersReuters is an international news agency founded in London in 1851 by Paul Julius Reuter and is now the news business of Thomson Reuters. It provides text, photo, video, and graphics coverage to media and institutional clients and distributes it through channels such as Reuters Connect.Open the full entry that day.⁠[19][19][21][21]

The next day, TCS issued a statement saying it had taken note of the U.S. government’s announcement and would comply with the Department of Labor’s directives, and that because its PERM applications had been in single digits over the past two years, it did not expect the suspension to affect its workforce strategy or customer engagements; it said its U.S. workforce strategy was anchored in local and campus hiring, that it had built a significant local workforce across 31 offices and delivery centers in the country, and reaffirmed its plan to hire another 15,000 people in the United States over the next five years. TCS filed only two PERM applications in U.S. fiscal 2026, down from 513 in 2025 and 1,804 in 2024.⁠[22][23][22][23][23][24]

Tata Consultancy Services: Official website: https://www.tcs.com/ (opens in a new window).⁠[25]

X: Public account: https://x.com/TCS (opens in a new window)⁠[25]