India-based IT giant, Tata Consultancy Services (TCS) has acquired the retirement business of the management consulting firm, BridgePoint Group.
Led by women executives, BridgePoint Group is a US-based management consulting company that caters to the financial services industry and specializes in retirement services.
TCS currently partners with eight of the top 10 US Banking, Financial Services, and Insurance institutions, and offers retirement services across the globe. This deal will further bolster the domain expertise in US Financial Services Industry and Retirement Services.
Suresh Muthuswami, President & Global Head, BFSI Platform, TCS, shares, "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." He also added that this acquisition would emphasize our long-term commitment to this industry, enhancing our ability to provide end-to-end engagements.
Barbara March, CEO of BridgePoint shared in media that the organization is very excited about this transaction and TCS' expertise will bring innovative solutions that will enable digital transformation.
The financial details of this acquisition are not disclosed yet. Earlier in the year, TCS announced a $2 billion deal with Transamerica, a provider of life insurance, retirement and investment solutions, to enable the transformation of administration of its US insurance and annuity business lines. TCS also has a $1.2 billion partnership with UK-based M&G Prudential aimed at digitally transforming business for its UK savings and retirement customers.