TCS acquires Pramerica Services unit from Prudential

The IT major will acquire the staff and select assets of Pramerica Systems Ireland, Prudential Financial Inc. (PFI)'s subsidiary based in Letterkenny, Ireland.

PFI is a financial wellness leader and premier active global investment manager with more than $1.5 trillion in assets under management as of 30 September 2020, has operations in the United States, Asia, Europe, and Latin America.

TCS will establish new global delivery centre in Ireland to provide Prudential with a range of business and technology services. Over 1,500 staff of Pramerica Systems Ireland will transfer to TCS and further expand the latter's global delivery capability. 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.

K Krithivasan, President - Banking, Financial Services and Insurance, TCS, said: "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. 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."

TCS is an IT services, consulting and business solutions organization. The IT major reported a 7.05% decline in consolidated net profit to Rs 7,475 crore on a 2.97% increase in revenue to Rs 40,135 crore in Q2 September 2020 over Q2 September 2019.

The scrip shed 0.97% to Rs 2644.80 on BSE. It traded in the range of 2636.45 and 2663.95 so far during the day.

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