Tata Consultancy Services (TCS) has agreed to acquire Postbank Systems AG (PBS) from Deutsche Bank AG.
PBS is the captive IT service provider that provides project management, application management and infrastructure support services to Postbank and other subsidiaries of Deutsche Bank. PBS and its around 1,500 employees will become part of TCS.
TCS is ranked by analysts as the fastest-growing IT service provider in Germany with a 10-year CAGR of over 24 percent.
The transaction is subject to both parties finalizing further agreements, which they intend to do by end-2020. Furthermore, the transaction is subject to customary regulatory and governmental approvals.
N G Subramaniam, chief operating officer of TCS, said: “We welcome Postbank Systems’ IT professionals into the TCS family, and invite them to avail of the learning and development opportunities here, and help script the next chapter of TCS’ growth in Germany.”
“As part of our move to one technology organisation, we are consolidating the IT platform for our retail banking brand Postbank into the Deutsche Bank platform,” said Bernd Leukert, chief technology, data and innovation officer of Deutsche Bank.
TCS, present in Germany since 1991, currently partners with over 100 leading German corporations in their growth and transformation journeys, including 17 of the DAX30.
For the last seven years, TCS has been ranked #1 in customer satisfaction every year in the independent survey of CxOs of the top IT spending organizations in Europe, conducted by Whitelane Research. TCS is also recognized as a Top Employer in Germany by the Top Employers Institute.