Bladewatch.com

Finextra

Citibank is currently in discussions with Indian IT firms Tata Consultancy Services (TCS) and Wipro, among others, to sell some of its internal IT platforms, according to local press reports.

The deal, which could be valued between $60 and $100 million, includes intellectual property (IP) used for delivering equity trading services, says the Economic Times of India, citing “two people familiar with the discussions”.

“With this IP, we will not only gain business from Citi, but also be able to offer services to other financial services customers using the same platform,” a senior executive at one of the IT firms told the paper.

It will be interesting to see what products/services and solutions we gain from this announcement going forward, could this create new opportunities for revenue coupled with white labelling solutions for financial customers? Will we see both the application code, and the application as a service be available, we’ll need to see, I wonder if this might not be something that we see happening more as organizations seek to realize their investment in IT.

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