New Delhi: India's largest IT services firm Tata Consultancy Services (TCS) on Friday said it has completed acquisition of 100 per cent shares of Postbank Systems AG (PBS) from Deutsche Bank AG.
PBS has been the internal IT provider for Postbank AG, a subsidiary of Deutsche Bank, catering for the German retail banking market. PBS has approximately 1,500 employees across nine locations in Germany.
TCS had announced to acquire Postbank Systems in November through its subsidiary Tata Consultancy Services Netherlands B.V.
"The acquisition was to be completed by year end 2020 subject to customary regulatory and governmental approvals. This is to inform you that the aforesaid acquisition of Postbank Systems AG has been completed today," TCS said in a BSE filing.
The transaction will see the employees of PBS become a part of the Mumbai-based company.
In a regulatory filing, TCS said had "100 per cent of the shares will be acquired by TCS Netherlands BV (a subsidiary of TCS)" and the "estimated transaction value at a symbolic 1 euro". The deal is expected scale up TCS business in Germany and strengthen its growth outlook.
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TCS is ranked by analysts as the fastest-growing IT service provider in Germany with a 10-year CAGR of over 24 per cent. Present in Germany since 1991, TCS currently works with over 100 leading German corporations.
Headquartered in Bonn, Germany, PBS services include infrastructure operations, application operations, management and development, as well as business consulting for retail banking. Its revenue in 2019 stood at 530 million euros.
The entity will sell significant assets and pass through contracts to Deutsche Bank, and therefore, the expected revenue in 2021 will be approximately 260 million euros, according to a previous filing.
(PTI)
