India’s Tata Consultancy Services (TCS) has agreed to buy Donegal-based Pramerica Systems from insurance giant Prudential.

The deal safeguards the future of the Donegal operation but also sees TCS taking on more than 1,500 former Pramerica employees.

Inward investment agency IDA Ireland yesterday welcomed the announcement by Prudential Financial and Tata Consultancy Services that they had entered into a strategic relationship related to Pramerica Systems Ireland Ltd.

“In the last two decades Pramerica has successfully evolved and adapted many times over to become a substantial and significant employer in the north-west region”

The State agency said it noted and welcomed TCS’s intention to retain and transition the majority of Pramerica Ireland employees to TCS, continuing to provide services back to Prudential, while also strengthening its ability to provide nearshore services and meet the growth and transformation needs of its customers globally.

A Prudential move

For its part Prudential said it will maintain an important presence in Letterkenny to support Prudential Global Investment Management (PGIM) and certain other functions.

“20 years ago Pramerica began its operations in Letterkenny, with just eight employees,” said Martin Shanahan, CEO of IDA Ireland. “In the last two decades Pramerica has successfully evolved and adapted many times over to become a substantial and significant employer in the north-west region.

“This partnership with TCS is another important chapter in this process. TCS is a leading IT services, consulting and business solutions organisation with a global footprint that is committed to providing services out of the north-west of Ireland and continue its successful 25-year relationship with Prudential. I wish TCS and Prudential every success with this latest evolution and assure them of IDA Ireland’s continued support.”

By John Kennedy (john.kennedy3@boi.com)

Published: 13 November, 2020

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