TCS buys assets of Pramerica
New Delhi, November 12
Tata Consultancy Services (TCS) on Thursday said it has inked an agreement with Prudential Financial, Inc (PFI), under which the Indian firm will acquire over 1,500 employees and select assets of Pramerica Systems Ireland Ltd (Pramerica).
The move will help strengthen TCS’s delivery capability in Ireland, it said in a statement. Pramerica is PFI’s subsidiary based in Letterkenny, Ireland.
Deal dynamics
- TCS will acquire over 1,500 employees and select assets of Pramerica Systems Ireland
- The move will help strengthen TCS’s delivery capability in Ireland
- PFI will retain the Pramerica Ireland entity, which will continue to operate from Letterkenny
n TCS will acquire over 1,500 employees and select assets of Pramerica Systems Ireland
n The move will help strengthen TCS’s delivery capability in Ireland
n PFI will retain the Pramerica Ireland entity, which will continue to operate from Letterkenny
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, the statement said.
The transaction — whose financial details were not disclosed — is subject to completion of customary regulatory approvals. “The enhanced partnership builds on a long relationship between the two organisations and will see over 1,500 of Pramerica’s staff in Ireland transfer to TCS,” it added. — PTI
