Pramerica Systems Ireland is Prudential’s Letterkenny, Ireland-based business and technology solutions provider.
Under the transaction, 1500 employees of Pramerica in Ireland will become employed by TCS and TCS will continue to service Prudential under a multiyear services arrangement. The deal also allows TCS to expand its nearshore capabilities as it will service other customers as well in Ireland, the UK, Europe and the US.
“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,” said K Krithivasan, President – Banking, Financial Services and Insurance, TCS.
PFI will retain the Pramerica Ireland entity, which will continue to operate from Letterkenny and will provide regional business services, reporting to the company’s global asset manager, PGIM (formerly known as Prudential Investment Management).
The transaction is subject to completion of regulatory approvals.
Stacey Goodman, Chief Information Officer of PFI said “This transaction further expands our relationship with TCS, while advancing PFI’s ongoing transformation process and providing exciting growth opportunities for Pramerica Ireland employees and the Letterkenny region.”
This is TCS’ second significant acquisition this year and also the second in the financial services sector. Last week, TCS acquired Postbank Systems AG, a unit of Deutsche Bank.
Under the deal, the company acquired 100% of the shares and its 1,500 employees. The acquisition would also help TCS expand its presence in Germany and the broader European region.