DUBLIN: Tata Consultancy Services acquires Letterkenny – based Pramerica. The Indian company’s deal with Prudential Financial includes the assets and employees of the Irish company.
Under the new agreement, more than 1,500 Pramerica employees at Letterkenny in Donegal will be transferred to Tata Consultancy Services (TCS). Pramerica is the Irish subsidiary of Prudential Financial, which provides software and business support.
At the same time, Bloomberg claims that the business agreement is part of the economic impact of COVID-19.
Prudential Financial Business will continue to provide digital and technology services even after the transfer of the Pramerica staff and assets, officials said.
TCS, an Indian company, said it would expand to Ireland, the UK, Europe and the US. K Krithivasan, president of banking, financial services and insurance at TCS, said that Ireland has a unique position to play a critical role in the digital economy. This transaction deepens the relationship with Prudential Financial. In addition, it will significantly strengthen the specific expertise to meet the growth and needs of customers globally.
Chief information officer of Prudential Financial, Stacey Goodman said Prudential would retain its entity in Ireland and will continue to work from Letterkenny. Goodman added that the focus will be on providing local business services under Prudential Global Investment Management.
IDA Ireland CEO Martin Shanahan also welcomed the deal. He recalled that when Pramerica started operations in Letterkenny 20 years ago, it had eight just employees.
Hundreds of Indians work at Prudential in Letterkenny.
The market value of TCS in software services is estimated at around $130 billion. They are also Asia’s largest exporters in this field. The company generates about $22bn annually through software services. It employs more than 450,000 people worldwide.