Tata Consultancy Services (TCS), India’s largest Information Technology firm announced that it has acquired 100 shares of Postbank Systems AG (PBS) from Deutsche Bank AG. The internal IT provider for Postbank AG, which is a subsidiary of Deutsche Bank AG is gathering for the German retail banking market. Across nine locations in Germany, Post Bank System has nearly 1,500 employees. The acquisition of Post Bank Systems has been announced by Tata Consultancy Services (TCS) in November through its subsidiary Tata Consultancy Services Netherlands B. V.
TCS said in a BSE filing that the company was trying to complete the acquisition by year-end 2020 based on the customary regulatory and governmental approvals. This already informed about the aforesaid acquisition of Postbank Systems AG, which was completed earlier. The employees of PBS will become a part of the Mumbai-based company based on the transaction. TCS said in a regulatory filing that 100 percent of its shares will be acquired by TCS Netherlands BV which is a subsidiary of Tata Consultancy Services and its estimated transaction value at a symbolic 1 euro. This deal between TCS and PBS is expected to grow the TCS business in Germany and strengthen its growth outlook.
In Germany, TCS is ranked as the fastest-growing Information Technology service provider with a 10-year compound annual growth rate of over 24 percent. Since 1991, TCS is presented in Germany and it currently works with over 100 leading German corporations. Its headquarters are in Bonn in Germany. Postbank system services include infrastructure operations, application operations, management, and development, as well as business consulting for retail banking. 530 million euros was revenue in 2019. According to a previous filing, the entity will sell significant assets and pass-through contracts to Deutsche Bank, and therefore, in 2021 it is expected to have approximately 260 million euros.
The mission of TCS is to help customers in achieving their business objectives. They will achieve it by making available innovative, best-in-class consulting, IT solutions, and services. They serve as a full stakeholder to business, offering a consulting-led approach with integrated use of technology-led solutions that encompass the entire Enterprise value chain. Their Customer-centric Engagement Model defines how they engage with the customers in providing unique facilities and solutions which help to meet the distinct needs of the business.