TCS bags multiple new deals worth billions

Tata Consultancy Services, India’s largest IT services company, has won new contracts from a mixed bag of clients such as Marks & Spencer, Transamerica and M&G Prudential, thus ascertaining confidence in India’s burgeoning IT sector

January 16, 2018

On January 12th TCS entered into a multi-year agreement with Transamerica to facilitate the transformation of administration of its US insurance and annuity business lines

On January 15th TCS had announced an expanded technology partnership with Marks and Spencer (M&S) to enable the UK retailer to become a digital-first business

On January 16th M&G Prudential announced a new deal with TCS to digitally transform its business and deliver enhanced service for its UK savings and retirement customers

The contracts are proof of a strong recovery in India’s IT sector, a major contributor the national GDP, following a downturn owing to technological and foreign policy disruptions

Tata Consultancy Services Ltd (TCS), has bagged a number of new big-ticket contracts from leading international companies, ascertaining confidence in India’s information technology (IT) sector. Over the first two weeks of 2018, Mumbai-based TCS, India’s largest IT and business services and consulting company, has announced new agreements with Transamerica Corp, a USA-based life insurance holding company, Marks and Spencer Plc, a UK-based multinational retailer and M&G Prudential, a UK-based investment manager. The contracts are proof of a strong recovery in India’s IT sector following a downturn.

On January 12th TCS entered into a multi-year agreement with Transamerica to facilitate the transformation of administration of its US insurance and annuity business lines. The partnership will help Transamerica rapidly enhance its digital capabilities, simplifying the service of more than 10 million policies into a single integrated modern platform. This deal will help drive greater sustainable growth opportunities through improved customer experiences. The new agreement is worth over US$2 billion in revenues, the largest contract signed by TCS till date.

On January 15th TCS had announced an expanded technology partnership with Marks and Spencer (M&S) to enable the UK retailer to become a digital-first business. As part of M&S’ five-year plan to transform its business, the retailer aims to make its technology assets deliver more commercial opportunities. TCS will be M&S’ principal technology partner and help drive intelligence, innovation and efficiency to transform the retailer’s customer experience and drive growth of M&S’ business. TCS will transition M&S into a new technology operating model.

On January 16th M&G Prudential, the UK and European savings and investments business of Prudential plc, announced a new deal with TCS to digitally transform its business and deliver enhanced service for its UK savings and retirement customers. The deal is worth over US$690 million and spans over 10 years, covering the support of over 4 million customer policies. M&G Prudential has already transferred over 17 million policies to its digital platform. TCS will also assume responsibility for the operation of some of Prudential’s internal IT infrastructure.

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