Tech Mahindra, a provider of IT solutions to the telecommunications industry, announced the launch of Managed Data Service (MDS), a fully managed end-to-end reference data management business process as a service (BPaaS) solution for the financial services industry in North America. This solution has already witnessed a significant traction in Europe markets.

The managed data service (MDS) solution is designed around a utility model and comprises 3 integrated components - technology infrastructure, operational outsourcing and specialized software IP.

''The process of managing securities data and pricing has evolved towards platform-based offering. Financial institutions in the North America are increasingly looking to acquire these services from best-in-class service providers,'' said Ram Chatty, head - BFSI (North America), Tech Mahindra.

Shares of the company declined Rs 15.55, or 0.84%, to settle at Rs 1,829.25. The total volume of shares traded was 42,575 at the BSE (Tuesday).