TCS enters into a strategic agreement with Prudential Financial Inc

By Megha Bhattacharya

Tata Consultancy Services entered into a strategic agreement with Prudential Financial Inc (PFI). The agreement will see TCS acquire PFI’s subsidiary- Pramerica Systems Ireland Ltd.’s staff and selected assets.

The partnership will see the transfer of Pramerica’s staff in Ireland to TCS and become a part of the latter’s new Global Delivery Centre in Ireland. The company will continue to provide PFI with a range of business, digital and technology services, while also expanding its nearshore capabilities to provide the multifunctional, digital services and solutions to other customers in Ireland, the UK, Europe and the US.

“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,” said K. Krithivasan, President, TCS Banking, Financial Services and Insurance. “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 realise their potential.”

Recently, TCS announced an agreement with Deutsche Bank AG for acquiring 100% of the shares of Postbank Systems AG (PBS) from Deutsche Bank AG. PBS and its 1,500 (approx.) employees will become part of TCS, thus expanding the latter’s scale in Germany.

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 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.”