MUMBAI: Tata Consultancy Services (TCS) on Monday announced the acquisition of Postbank Systems AG (PBS) from Deutsche Bank AG.
PBS is the full-range captive IT service provider that provides project management, application management and infrastructure support services to Postbank and other subsidiaries of Deutsche Bank.
The shares of TCS closed at Rs.2725.90, up 0.65 per cent on the Bombay Stock Exchange (BSE).
Following the acquisition, PBS and its around 1,500 employees will become part of TCS. This will further add to TCS’ scale in Germany and strengthen its growth outlook.
The transaction is subject to both parties finalizing further agreements, which they intend to do by the end of 2020. Furthermore, the transaction is subject to customary regulatory and governmental approvals.
“We are pleased to deepen our long-standing partnership with Deutsche Bank, continue to help accelerate their digital transformation, and to acquire market specific capabilities in the banking domain. We warmly welcome Postbank Systems’ IT professionals into the TCS family, and invite them to avail of the learning and development opportunities here, and help script the next chapter of TCS’ growth in Germany” said N.G. Subramaniam, Chief Operating Officer and Executive Director, TCS.