IT providers firm Tata Consultancy Solutions (TCS) on Monday reported it will acquire 100 for every cent shares of Postbank Devices AG (PBS) from Deutsche Lender AG. PBS has been the interior IT supplier for Postbank AG, a subsidiary of Deutsche Bank, catering for the German retail banking sector. PBS has close to 1,500 workers throughout 9 locations in Germany.
The transaction will see the staff of PBS develop into a aspect of the Mumbai-based mostly organization.
In a regulatory filing, TCS said “100 for each cent of the shares will be acquired by TCS Netherlands BV (a subsidiary of TCS)” and the “approximated transaction value at a symbolic 1 euro”.
The transaction is topic to both of those events finalising further more agreements, which they intend to do by finish-2020.
Further more, the transaction is issue to customary regulatory and governmental approvals.
The deal will even more incorporate to TCS’ scale in Germany and fortify its expansion outlook, it stated in a assertion.
TCS is rated by analysts as the swiftest-rising IT service service provider in Germany with a 10-calendar year CAGR of around 24 for every cent.
“We are happy to deepen our extensive-standing partnership with Deutsche Lender, keep on to assistance accelerate their digital transformation, and to acquire sector certain abilities in the banking domain,” TCS Chief Functioning Officer and Govt Director N G Subramaniam mentioned.
Present in Germany considering that 1991, TCS presently operates with above 100 primary German corporations.
Headquartered in Bonn, Germany, PBS’ services incorporate infrastructure functions, application functions, management and enhancement, as effectively as company consulting for retail banking. Its revenue in 2019 stood at 530 million euros.
The entity will offer significant belongings and move by means of contracts to Deutsche Financial institution, and for that reason, the expected income in 2021 will be close to 260 million euros, the submitting reported.
“As portion of our transfer to one particular technology organisation, we are consolidating the IT platform for our retail banking manufacturer Postbank into the Deutsche Financial institution platform,” Deutsche Lender Chief Technology, Information and Innovation Officer Bernd Leukert reported.
Leukert included that TCS is now a trusted IT company spouse for Deutsche Bank, and this strengthens the romantic relationship further more.
“We are self-assured that TCS is the best operator for Postbank Devices. With this transaction, we agreed on a construction that satisfies all parties’ interests. It gives clarity to Postbank Units employees and the opportunity to develop into aspect of the good results and growth story of TCS,” Leukert reported.
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