Tata Consultancy Services (TCS) is set to acquire 1,500 employees and select assets of Pramerica Systems, a subsidiary of Prudential Financial, Inc. (PFI) in Ireland.
Pramerica employees, as part of TCS’ new Global Delivery Centre in Ireland, will continue to provide PFI with business, digital and technology services. TCS will also expand nearshore capabilities to provide the multifunctional, digital services and solutions to other customers in Ireland, the UK, Europe and the US.
The transaction is subject to completion of customary regulatory approvals.
“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,” said K Krithivasan, president – Banking, Financial Services and Insurance, TCS.
“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,” Stacey Goodman, chief information officer of Prudential Financial, said.
Prudential Financial will retain the Pramerica Ireland entity, which will operate from Letterkenny and will focus on providing regional business services, reporting under its global asset manager, PGIM.
In the UK, TCS is the largest IT service provider by revenue in the financial services industry, and the #1 provider of third-party policy administration services in the life insurance and pensions industry.
TCS has been ranked by UK customers as #1 in customer satisfaction, in Europe’s largest independent survey of IT service providers. It has been ranked the #1 Top Employer in the UK by the Top Employers Institute for the last three years.