Tata Consultancy Services (TCS) announced an agreement under which the company will acquire 100% of the shares of Postbank Systems AG (PBS) from Deutsche Bank AG.
PBS is the full-range captive IT service provider that provides project management, application management and infrastructure support services to Postbank and other subsidiaries of Deutsche Bank. PBS and its around 1,500 employees will become part of TCS, deepening the relationship between the two organizations. This will further add to TCS' scale in Germany and strengthen its growth outlook.
The transaction is subject to both parties finalizing further agreements, which they intend to do by end 2020. Furthermore, the transaction is subject to customary regulatory and governmental approvals.
The announcement was made after market hours yesterday, 9 November 2020. Shares of TCS rose 0.65% to settle at Rs 2,725.90 yesterday.
TCS is an IT services, consulting and business solutions organization that has been partnering with many of the world's largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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