Tata Consultancy Services (TCS) and Prudential Financial, Inc. (PFI) are entering into an agreement that will see TCS acquire the staff and select assets of Pramerica Systems Ireland Ltd. (Pramerica), PFI's subsidiary based in Letterkenny, Ireland.
The partnership will see over 1,500 of Pramerica's staff in Ireland transfer to TCS. As part of TCS' new Global Delivery Centre in Ireland, they will continue to provide PFI with a range of business, digital and technology services, while also expanding TCS 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.
"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. "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."
Stacey Goodman, Chief Information Officer of PFI, commented, "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. 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."