(Bloomberg) — India’s Tata Consultancy Services Ltd. agreed to acquire the employees and select assets of Pramerica Systems from insurance giant Prudential Financial Inc., helping the insurer cut costs to counter low interest rates and the coronavirus fallout.
TCS and the Newark, New Jersey-based life insurer signed the agreement for the Letterkenny, Ireland-based tech-services business Wednesday, TCS said. The Indian company will take on more than 1,500 Pramerica employees. No cash will change hands, a person familiar with the matter told Bloomberg News earlier.
The deal deepens the Indian IT giant’s relationship with a key client and expands its foothold in Ireland and Europe, said K. Krithivasan, TCS’s president of banking, financial services and insurance. Pramerica staff will continue to provide a range of digital and technology services to Prudential.
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