IT-giant
Tata Consultancy Services (TCS) has entered into a strategic partnership with Prudential Financial (PFI) which is a financial wellness leader and premier active global investment manager.
As per the agreement, TCS will acquire the staff and select assets of Pramerica Systems Ireland Ltd. (Pramerica), PFI’s subsidiary based in Letterkenny, Ireland.
Over 1,500 staffs of Pramerica will be transferred to TCS for further expanding the latter's global delivery capability.
K Krithivasan, President - Banking, Financial Services and Insurance, TCS, "Ireland is uniquely positioned to play a leading role in the digital economy. This key investment deepens our relationship with PFI and gives us a new delivery capability in Ireland with specialized expertise, that significantly strengthens our ability to meet the growth and transformation needs of our customers globally."
Stacey Goodman, Chief Information Officer of PFI, commented, “We are incredibly proud of the organisation 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 further expands our relationship with TCS, while advancing PFI’s ongoing transformation process and providing exciting growth opportunities for Pramerica Ireland employees and the Letterkenny region.”
Notably, PFI will retain the Pramerica Ireland entity, which will continue to operate from Letterkenny and will focus on providing regional business services, reporting under its global asset manager, PGIM.
At around 2.22 pm, TCS was trading at Rs2654.30 per piece down Rs16.40 or 0.61% on Sensex.