The Hindu : Business : TCS wins $847 m deal

Online edition of India's National Newspaper
Wednesday, Oct 19, 2005

Business

Business

TCS wins $847 m deal

Will transfer business processes from Pearl Group to a new subsidiary

NEW DELHI: Tata Consultancy Services (TCS) has won a $847 million deal from the U.K.-based insurance company, Pearl Group. The deal will be executed over 12 years, a company spokesperson said.

The revenues from the deal will start flowing from next quarter. Under the deal TCS will take over the entire business processes of Pearl and 950 employees in the U.K. It will transfer the business processes of Pearl to a new U.K. company, to be based in Peterborough. The new subsidiary will specialise in BPO (business process outsourcing) for life and pension businesses starting with Pearl Group's closed books portfolio. It will also focus on offering similar services to other life companies.

"This deal validates our strategy of pioneering the next generation of business process outsourcing opportunities,'' TCS CEO, S. Ramadorai, said.

"Our extensive experience of working in the insurance industry together with our excellence in technology will help us emerge as a significant player in life assurance and pensions administration services and help us continue our strong growth momentum,'' he said.

— PTI

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