India’s largest software company, Tata Consultancy Services (TCS) is exploring the possibility of acquiring

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a small or mid-size software firm in Finland and other areas of Europe. Some other Indian information technology companies, particularly from Bangalore, are also looking at acquisition targets in the region.

“Finland's software industry is small and Indian companies are showing interest in acquiring some companies here, especially in western Finland,” Timo Kekkonen, a director at Helsinki-based Confederation of Finnish Industries told Financial Chronicle.

Kekkonen said TCS was one of the companies looking at acquiring small or mid-size Finnish software companies. “We have companies that specialise in their domains.”

IT firms, when contacted, said they were not looking at any particular country for an acquisition, but were combing Europe as a whole.

Both TCS and Wipro refused to comment as they were in the silent period, with their quarter results to be announced. A Wipro executive, on condition of anonymity, said north Europe was attractive as there were several small IT firms there that could be grabbed for an attractive valuation.

A top Infosys executive said, “Finland is very hot, with several top technology companies and could be one among several countries that Indian IT firms are looking at.”