Addition Of Postbank Systems' 1,500 Employees to Further Deepen Tata Consultancy Services' Long-Standing Partnership with Deutsche Bank, and Strengthen its Growth Outlook in Germany.
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, and Deutsche Bank AG today announced an agreement under which TCS will acquire 100% of the shares of Postbank Systems AG (PBS) from Deutsche Bank AG.
PBS is the full-range captive IT service provider that provides project management, application management and infrastructure support services to Postbank and other subsidiaries of Deutsche Bank. PBS and its around 1,500 employees will become part of TCS, deepening the relationship between the two organizations. This will further add to TCS' scale in Germany and strengthen its growth outlook. TCS is ranked by analysts as the fastest-growing IT service provider in Germany with a 10-year CAGR of over 24 percent.
The transaction is subject to both parties finalizing further agreements, which they intend to do by end-2020. Furthermore, the transaction is subject to customary regulatory and governmental approvals.
'We are pleased to deepen our long-standing partnership with Deutsche Bank, continue to help accelerate their digital transformation, and to acquire market specific capabilities in the banking domain,' said N G Subramaniam, Chief Operating Officer and Executive Director, TCS. 'We warmly welcome Postbank Systems' IT professionals into the TCS family, and invite them to avail of the learning and development opportunities here, and help script the next chapter of TCS' growth in Germany.'
'As part of our move to one technology organisation, we are consolidating the IT platform for our retail banking brand Postbank into the Deutsche Bank platform,' said Bernd Leukert, Chief Technology, Data and Innovation Officer, Deutsche Bank. 'TCS is already a trusted IT service partner for Deutsche Bank and this strengthens our relationship further. We are confident that TCS is the ideal owner for Postbank Systems. With this transaction, we agreed on a structure that meets all parties' interests. It provides clarity to Postbank Systems staff and the opportunity to become part of the success and growth story of TCS.'
Present in Germany since 1991, TCS currently partners with over 100 leading German corporations in their growth and transformation journeys, including 17 of the DAX30. For the last seven years, TCS has been ranked #1 in customer satisfaction every year in the largest independent survey of CxOs of the top IT spending organizations in Europe, conducted by Whitelane Research. TCS is also recognized as a Top Employer in Germany by the Top Employers Institute.
About Tata Consultancy Services Ltd (TCS)
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. This is delivered through its unique Location Independent AgileTM delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 453,000 of the world's best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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About Postbank Systems AG
Postbank Systems is a full-range captive IT service provider that bundles the IT competence of former Postbank. The company provides its project, application management and infrastructure operations services exclusively to the Postbank brand, BHW 'Bausparkasse' and further subsidiaries of Deutsche Bank. Postbank Systems is headquartered in Bonn, Germany, with about 1.500 employees working from Bonn, Hamelin, Frankfurt, Munich, Berlin, Saarbruecken, Hamburg, Hanover and Nuremberg.
About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.
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