TCS Acquires UK Backoffice Firm - Unisys Insurance
TCS has acquired UK based insurance backoffice firm - Unisys Insurance Limited from Unisys Corporation through it's UK based subsidiary - Diligenta Limited.
Diligenta has also won contracts worth $385 Mn from Phoenix Group and Old Mutual International for maintaining their insurance books. Phoenix Group is an existing client of Unisys.
TCS set up Diligenta in 2006 to provide BPO services for the UK life and pensions industry. With this acquisition the number of policies maintained by Diligenta will rise from 3.6 Mn to over 5 Mn.
Transaction Reference: BS
Unisys Insurance - headquartered in the UK, with operations in Liverpool and Bournemouth was the BPO arm of Unisys Corporation.
TCS - established in 1968, has offices in more than 42 countries spread across the globe.
It acquired the Indian BPO unit of Citigroup for $505 Mn in Oct'08 and renamed it as TCS e-Serve.
TCS and other Indian IT majors have been aggressively acquiring businesses in the West to take advantage of the dip in the valuation after the financial crises in 2008.
Earlier in June'08, Cognizant acquired Paris based IT testing and consulting co - Galileo Performance.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 02/09/10 | Unisys Insurance - TCS | M&A | Tata Consultancy Services Limited | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 25/01/12 | M&A | IMS Health Inc | PharmARC Analytic Solutions Private Limited | - | Completed |
| 17/01/12 | M&A | Automatic Data Processing | Ma Foi Consulting Solutions Limited | - | Completed |
| 30/11/11 | M&A | WNS (Holdings) Limited | WNS Philippines Inc | - | Completed |
| 03/11/11 | M&A | SPI Group | Laserwords Private Limited | 24.00 | Completed |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Tata Consultancy Services Limited | Tata Group | 9th Floor, Nirmal Building, Narimon Point, Mumbai-400021. Maharashtra, India. |
Infosys Consulting India Limited Parle Software Limited Sobha Renaissance Information Technology Private Limited Zensar Technologies Limited GlobalLogic India Private Limited HCL Technologies Limited Wipro Limited |
www.tcs.com |
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