India’s Tata Consultancy Services (TCS) has reportedly made a strategic agreement with Prudential Financial Inc (PFI). According to the terms of the deal, TCS will be acquiring PFI’s subsidiary, Pramerica Systems Ireland Ltd.’s selected assets. The staff members at Pramerica will continue working in their current positions.
The new partnership between Tata and PFI’s Primerica Systems will involve the transfer of Pramerica’s staff members in Ireland to TCS. These workers will become a part of the TCS’s new global delivery centre (based in Ireland). The company will still be offering its business, digital and technology services to Prudential Financial. It will also expand its capabilities to offer digital services to other clients in Ireland, the UK, Europe and the United States.
K. Krithivasan, President, TCS Banking, Financial Services and Insurance, stated:
“Ireland is uniquely positioned to play a leading role in the digital economy and this key investment significantly strengthens our ability to provide nearshore services and meet the growth and transformation needs of our customers globally. We warmly welcome Pramerica’s employees into the TCS family. We are confident they will avail the immense career growth opportunities that TCS offers, and fully realize their potential.”
Stacey Goodman, CIO at PFI, remarked:
“We are incredibly proud of the organization our colleagues in Letterkenny have built and evolved over the past two decades and excited for Pramerica’s next chapter together with TCS and in partnership with PFI. This transaction is truly a win for everyone involved, advancing PFI’s ongoing transformation process as well as TCS’ strategic goals, while also providing exciting growth opportunities for Pramerica Ireland employees and the Letterkenny region.”
Tata Consulting Services has also made an agreement with Deutsche Bank AG. According to the terms of the deal, TCS will acquire 100% of the outstanding shares of Postbank Systems AG (PBS) from Deutsche. PBS and its 1,500 workers will join the TCS team, which should help expand the firm’s presence in Germany and throughout Europe.
TCS appears to be aggressively expanding its operations throughout the world. As reported in October 2020, India’s Tata Consultancy Services partnered with Australian neobank Volt to power a new banking as a service platform.
As covered in April 2020, Israel’s first neobank, backed by Tata Consultancy Services, is planning to launch next year after acquiring a banking license.