Tata Consultancy Services and Toyota Financial Services Ink Three-Year Deal; 1st Project Milestone Reached Ahead of Schedule

    KOLKATA, India & TORRANCE, Calif.--July 16, 2003--Tata Consultancy Services (TCS), one of the world's largest IT software and services consulting organizations, announced a three-year contract with Toyota Financial Services (TFS), a leading provider of automotive financial services, to provide application support and development services for more than 60 TFS applications across a variety of hardware platforms. TFS' new offshore development center was inaugurated in Kolkata, India on March 6th 2003 by TFS President and CEO George E. Borst, in the presence of TFS Vice President and CIO Shaun J. Coyne, and the TFS and TCS Management teams. This marks a first for TFS, a subsidiary of the $120 billion Toyota Motor Corporation, as this is the first time it chose to move its IT business outside the United States.
    "We are confident that TCS is the world-class partner that can best help us leverage technology to better serve our customers," said Coyne. "This agreement will allow us to achieve our long-term technology objectives in a more efficient manner by increasing productivity."
    The primary objectives of the engagement are to provide application support and development that balance flexibility with stability. Additionally, TFS may leverage several of TCS' software products. The project has already reached its first milestone with transitioning of application support ownership to TCS ahead of the scheduled deadline.
    A potential future project is to lay out a new open architecture for TFS in support of its efforts to expand its product offerings. Further, the new architecture would allow TFS to leverage the more open systems so that its global counterparts can also benefit, optimizing TFS' competitiveness worldwide.
    The project will be based on the onsite/offshore service delivery model. The onsite component would be carried out at the TFS facility in Torrance, CA and the offshore component at TCS' facility in Kolkata, India.
    Following a three-month evaluation process, TFS selected TCS from a group of six IT companies as a preferred supplier of IT services, based on TCS' proven capabilities and best practices, and its competitive service level agreements. This current agreement is a pioneering offshore effort for TFS in the United States.
    "Given TCS' experience and expertise in the IT software and solutions area, our domain knowledge in financial services and insurance, and our unmatched global reach to provide deployment and support, we are confident of delivering best-of-breed solutions to TFS," said Arup Gupta, president, TCS in North America. "We are pleased to add another company to our Southern California client roster."

    About Tata Consultancy Services

    Tata Consultancy Services (TCS), one of the world's largest IT software and services consulting organizations, provides information technology and management consulting services to organizations in 55 countries across the globe. With 22,505 employees (20,840 consultants) and revenues of more than $1 Billion, TCS has more than 150 offices worldwide. In North America, TCS has more than 50 offices and is headquartered in New York City. Its clients include companies and organizations such as American Express, AIG, Bank of America, Best Buy, Boeing, the Canadian Depository for Securities, Charleston County (South Carolina), ChevronTexaco, Citibank, Cummins Company, Dell Computer Corporation, U.S. Department of Defense, The Gap, General Electric, Hewlett-Packard, IBM, ING America, Kellogg's, Lucent Technologies, McGraw-Hill, Microsoft, Nacco, NASDAQ, Nike, The State of Pennsylvania, The State of New Mexico, Pratt & Whitney, Prudential Financial, Rockwell, Qwest, SBC Communications Inc., the Target Corporation, USAA, Verizon, Xerox and Zimmer. TCS currently supports the technology needs of eight of the top 10 U.S. Fortune 500 companies. TCS' North American operation is responsible for more than 65 percent of the company's overall worldwide revenues. Visit us at www.tcs.com or www.tcs-america.com.

    About Toyota Financial Services

    TFS is the finance and insurance brand for Toyota in the U.S., offering retail auto financing and leasing through Toyota Motor Credit Corporation (TMCC) and extended service contracts through Toyota Motor Insurance Services (TMIS). Lexus Financial Services is the brand for financial products for Lexus dealers and customers. TFS currently employs over 2,600 associates nationwide, and has managed assets totaling more than $40 billion. It is part of a worldwide network of comprehensive financial services offered by Toyota Financial Services Corporation, a wholly-owned subsidiary of Toyota Motor Corporation.