This is TCS’ second acquisition this month after it said on November 1 that it had acquired W12, a London-based digital design studio
Tata Consultancy Services on November 28 bought BridgePoint Group LLC, a US management consulting firm catering to the financial services industry, and specializing in retirement services.
TCS did not disclose the size of the transaction.
This is India’s largest technology services company’s second acquisition this month. It had announced the acquisition of W12, a London-based digital design studio, for an undisclosed amount on November 1.
This acquisition will add to TCS’ financial services and insurance domain knowledge, particularly in the area of US retirement services, the company said in a statement.
Total US retirement assets were $28.3 trillion as of June 30, 2018, and accounted for 32 percent of all household financial assets in the United States at the end of June 2018, according to research by the Investment Company Institute.
BridgePoint’s team of experts currently provide strategic insights in the area of retirement services and advisory services around growth, business agility, customer experience and technical transformation, TCS said in a statement.
BridgePoint’s entire management team and key experts will join TCS, the Mumbai- headquartered company said.
“The US retirement business is complex, so BridgePoint’s deep industry expertise and a team of highly experienced consultants will enable TCS to develop a robust customer-focused retirement services business,” said Suresh Muthuswami, President & Global Head, BFSI Platform, TCS.
TCS’ BFSI vertical, which is its largest, has been showing a turnaround this year.
Revenue growth in BFSI rose 6.1 percent annually during the September-ended quarter, compared to a rise of 4.1 percent in the first quarter.
“Our customers require access to new and innovative solutions, capitalizing on both BridgePoint’s broad understanding of the industry’s complexities and TCS’ expertise in enabling digital transformations. The portfolio of services offered by TCS will offer growth potential and superior service to retirement providers across the US,” said Barbara March, Chief Executive Officer, BridgePoint.
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