Tata Consultancy Services (TCS) and Deutsche Bank AG on Monday evening announced an agreement, under which, TCS will acquire 100 percent of the shares of Postbank Systems AG (PBS) from Deutsche Bank AG. After this transaction, Postbank Systems AG will become a part of TCS. Postbank Systems mainly provides project management, application management & infrastructure support services to Postbank and other subsidiaries of Deutsche Bank. This will result in deepening the relationship between the two organizations.
The press release of TCS says that Postbank Systems being ranked by analysts as the fastest-growing IT service provider in Germany with a ten-year CAGR of over 24 percent. TCS currently partners with over 100 leading German corporations, including 17 of DAX30. Europe contributes around 30.6 percent of TCS’s revenue as of FY20. Europe is the second biggest contributor to TCS’s overall revenue after America (52.2 percent).
“We are pleased to deepen our long-standing partnership with Deutsche Bank, continue to help accelerate their digital transformation, and to acquire market-specific capabilities in the banking domain,” said NG Subramaniam, chief operating officer, TCS. The acquisition will help the company to further add to its scale in Germany and strengthen its growth outlook.
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