Tata Consultancy Services (TCS), one of the top software companies in the country, announced an expansion of the current deal with M&G Prudential which will take the deal value up to $1.2 billion.
In January, TCS had made an announcement that the company is all set to partner with Prudential’s savings and investment business of UK and Europe. The 10-year partnership was valued at $690 million. The expansion of the deal that was made known recently will bring in an additional $668 million revenue. The total revenue of the partnership is hence more than $1.2 billion.
TCS partnered with M&G Prudential to digitally transform the business and provide better services to the customers. The initial deal covered 4 million policies but the expansion covers 1.8 million extra policies, making it a total of 5.8 million policies.
About 400 employees in the UK and 183 employees in India would move from M&G Prudential to TCS. Initially, the company had stated that 1,100 employees in the UK and 700 employees in India would move.
TCS believes that the partnership with M&G will help accelerate the growth of the company. The company, with the help of the BFSI platform, will be able to deliver with speed and flexibility.
The BFSI platform which is powered by TCS BaNCS, the proprietary banking solution of TCS, administers over 18 million life and pension policies in the UK, making TCS’ market position strong in the UK. The expansion will further strengthen the position of the company.
Early 2018, TCS also won a transformational deal worth $2 billion with Transamerica, an insurance giant in the US. While TCS has made a significant mark in the UK market, it has now entered the market in the US.
Source: Business Standard