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Tata Consultancy Services (TCS), India's largest IT service provider, appears to be actively returning to the sphere of mergers and acquisitions after focusing solely on its organic growth strategy during last five years.
The Mumbai-based company announced Wednesday the acquisition BridgePoint Group, LLC, American management consulting firm, is the second of this month. Financial details were not disclosed.
Last month, TCS announced W12 Studios, a London-based digital design studio, aimed at strengthening its portfolio of digital marketing services "TCS Interactive".
BridgePoint Group, led by women executives, provides financial services in the service sector, specializing in retirement services, said the company in a statement, without giving further details.
TCS, which works with eight of the ten largest US banking, financial services and insurance (BFSI) companies, is also a major player in retirement services around the world. The acquisition will add to TCS 'financial and insurance industry expertise, particularly in the US retirement services industry, where BridgePoint's team of experts currently provides services to clients. strategic information and consulting services on growth, business agility, customer experience and technical transformation, he added.
"With the retirement sector in the United States complex, BridgePoint's know-how and highly experienced team of consultants will enable TCS to develop a solid client-centered retirement services business," said Suresh. Muthuswami, President and Global Head of the BFSI Platform, TCS.
TCS experienced a few quarters of slower growth in the BFSI index, which finally stabilized in the second quarter (September quarter). Management has announced a recovery in the US markets with the signing of contracts worth over $ 1.5 billion. All members of the BridgePoint management team and key experts will join TCS.
Earlier in the year, TCS announced the signing of a $ 2 billion contract with Transamerica, a provider of life insurance, retirement and investment solutions, to enable the transformation of the company. 39, administration of its pension business. TCS also has a $ 1.2 billion partnership with UK-based M & G Prudential to digitally transform the business of its UK savings and retirement customers.
In the last three years, its global competitor Accenture has spent more than $ 3.4 billion on mergers and acquisitions, including approximately $ 1.7 billion. billion were spent in 2017 alone. The majority of the approximately 70 acquisitions made to date by the NYSE listed company focused on digital and cloud-related activities.
"Our customers need access to new and innovative solutions, capitalizing on BridgePoint's broad understanding of the complexity and expertise of TCS in achieving digital transformations. The service portfolio offered by TCS will provide growth potential and superior service to pension providers across the United States, "said Barbara March, Chief Executive Officer of BridgePoint.
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