Prudential Financial and TCS announce strategic relationship for Pramerica Systems Ireland

Rhea-AI Summary

Prudential Financial, Inc. (NYSE: PRU) has entered a strategic relationship with Tata Consultancy Services (TCS) regarding Pramerica Systems Ireland Ltd., Prudential's technology solutions provider in Ireland. A majority of Pramerica employees will transition to TCS, which will continue to provide services to Prudential under a multiyear agreement. Pramerica remains a wholly owned subsidiary, focusing on regional business services. This move is part of Prudential’s ongoing transformation process aimed at optimizing its technology and investment strategy.

Positive

• Establishment of a strategic relationship with TCS enhancing operational efficiency.
• TCS continues to support Prudential under a multiyear service agreement.
• Pramerica remains a wholly owned subsidiary, ensuring ongoing regional service provision.

Negative

• Majority of Pramerica employees transitioning to TCS may indicate potential operational risk or employee dissatisfaction.

NEWARK, N.J. & LETTERKENNY, Ireland--(BUSINESS WIRE)--Prudential Financial, Inc. (NYSE: PRU) and Tata Consultancy Services (“TCS”) announced that they have entered into a strategic relationship related to Pramerica Systems Ireland Ltd. (“Pramerica”), Prudential’s Ireland-based business and technology solutions provider.

Under the transaction, a majority of Pramerica employees in Ireland will become employed by TCS, whereby TCS will continue to service and support Prudential under a multiyear services arrangement. Pramerica will remain a wholly owned subsidiary of Prudential.

Prudential will retain the Pramerica Ireland entity, which will continue to operate from Letterkenny and will focus on providing regional business services, reporting under its global asset manager, PGIM.

This relationship is consistent with Prudential’s transformation process, including ongoing initiatives to optimize its technology and investment footprint.

TCS is a leading IT services, consulting and business solutions organization with a strong commitment to the Northwest of Ireland as well as its continued relationship with Prudential.

About Prudential Financial, Inc.

Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager with more than $1.5 trillion in assets under management as of September 30, 2020, has operations in the United States, Asia, Europe and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.

About Pramerica Systems Ireland Ltd.

Pramerica provides a range of integrated business and technology services to its parent company, Prudential Financial, Inc., one of the world’s largest financial services institutions. Pramerica partners with Prudential in their mission to solve the financial challenges of our changing world and uses industry leading techniques, tools and processes to do so. The objective is to enhance business performance by bringing forward strategic, innovative and cost-effective solutions.

About Tata Consultancy Services

Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. For more information, visit us at www.tcs.com.