Tata Consultancy Products and services (TCS) Ltd on Monday introduced the acquisition of Postbank Systems AG, the technological know-how services device of Frankfurt-based mostly Deutsche Financial institution AG. The price of the offer was not disclosed.
The transaction is anticipated to be done by the year-stop, subject to regulatory approvals.
TCS, India’s greatest info technological know-how (IT) products and services firm, will purchase the shares of Postbank Devices and absorb its 1,500 staff members. Postbank Devices presents project management, application administration and infrastructure aid solutions to Deutsche Bank.
“We are happy to deepen our extensive-standing partnership with Deutsche Lender, continue on to help accelerate its electronic transformation, and to purchase sector-certain capabilities in the banking area,” N.G. Subramaniam, chief running officer of TCS, explained in a statement.
Deutsche Financial institution is an current purchaser of TCS.
TCS, which has been current in Germany because 1991, reported it at this time has partnerships with extra than 100 German companies. The acquisition will help the Mumbai-centered company extend in Germany and fortify its expansion outlook.
“As section of our go to 1 technologies firm, we are consolidating the IT system for our retail banking brand Postbank into the Deutsche Bank platform. We are self-assured that TCS is the ideal proprietor for Postbank Methods,” mentioned Bernd Leukert, main engineering, knowledge and innovation officer, Deutsche Financial institution.
Deutsche Financial institution, in a press be aware, reported the transaction “will final result in the acceleration of envisioned transformation impacts of somewhere around €120 million as aspect of the approach declared in July 2019″.
The bank had set 2022 as the deadline for the technological know-how migration of Postbank’s methods.
The Postbank acquisition can be when compared with TCS’s acquisition of the India-based captive business processing outsourcing (BPO) arm of Citi for roughly $505 million in 2008.
Each acquisitions strengthened TCS’s portfolio in the banking and economic services sector.
TCS has been reasonably a lot less lively in acquisitions in contrast with its friends Infosys Ltd and Wipro Ltd.
Its very last acquisitions were in November 2018, when it obtained British digital structure studio W12 Studios and BridgePoint Team, LLC, a US management consulting organization.