Continuing with its large deal winning streak, Tata Consultancy Services (TCS), India’s largest IT services company on Tuesday said that its contract with M&G Prudential, the UK and European savings and investments business of Prudential plc, has been expanded to make it a $1.2 billion deal.
The 10-year partnership, which was first announced in January this year, aimed at digitally transforming M&G Prudential’s business and delivering an enhanced service for its UK savings and retirement customers. The contract size at that time as pegged at $690 million. The agreement has now been expanded to cover an additional 1.8 million customer policies which will move from M&G Prudential to TCS, bringing the total number of policies covered by the partnership to 5.8 million, and is worth an additional £500 million ($668 million USD) over the term of the contract, the company said.
The expanded partnership further cements TCS’ position as the market leader in UK life and pension administration, with more than 18 million policies being administered by its BFSI Digital Platform, powered by TCS BaNCS (the proprietary TCS banking solution). – Business Standard