Last Updated : Nov 12, 2020 08:00 PM IST | Source: Moneycontrol.com

TCS buys Pramerica Tech Services from insurance giant Prudential Financial

TCS will take on more than 1,500 Pramerica employees

Tata Consultancy Services has reportedly acquired Pramerica Technology Services from insurance giant Prudential Financial, according to a Bloomberg report.

Bloomberg reported the two firms agreed on the deal for Ireland-based tech-services business 'Letterkenny' on November 11. TCS will take on more than 1,500 Pramerica employees and no cash will change hands.

Moneycontrol has not independently verified the report.

TCS to acquire 100% stake in PBS from Deutsche Bank; share price falls

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According to the Bloomberg report, Prudential aims to trim costs and save $750 million by the end of 2023 while TCS is eying Pramerica's multi-year services contracts, strategy expertise and a development centre in Ireland.

TCS on Monday stated it will acquire 100 per cent shares of Postbank Systems AG (PBS) from Deutsche Bank AG. In a regulatory filing, TCS had said, "100 per cent of the shares will be acquired by TCS Netherlands BV (a subsidiary of TCS)" and the "estimated transaction value at a symbolic 1 euro".

India's largest IT services firm TCS is also Asia’s biggest exporter of software services with a market value of more than US $130 billion. Globally, TCS has more than 450,000 employees and it generates $22 billion in annual revenue from selling software services and products to a range of customers, which include BT Group Plc, Panasonic Corp., Citigroup Inc., and Qantas Airways Ltd.
First Published on Nov 12, 2020 08:00 pm