MUMBAI: Tata Consultancy Services (TCS) has agreed to take over some assets as well as employees of US-based Prudential Financial’s technology services unit for a nominal sum.
Under the deal, a majority of the employees (over 1,500) of the unit, Ireland-based Pramerica Systems, will move to TCS’s payrolls besides movable (servers, laptops, etc) and immovable properties (offices).
As part of the transaction Prudential, which is not affiliated to Prudential of the UK, has also awarded a five-year, $300-million IT contract to TCS, India’s second-most valued company after Reliance Industries. The New Jersey-based life insurer has been a customer of TCS and the deal adds to the Indian company’s talent and intellectual capital in Ireland. Present in Ireland since 2001, TCS has over 200 people servicing 30 clients — local as well as global.
The Prudential deal comes three days after TCS agreed to buy Deutsche Bank’s technology services unit in Germany for one euro. Prudential has retained Pramerica Systems’s legal entity that will continue to operate from Ireland and will focus on providing regional services.
In Video:TCS buys part of US company’s Ireland business for a nominal sumSource From : Times Of India