Pramerica in Letterkenny has been taken over by IT services company, Tata Consultancy Service.
Concerns over the future of US multinational Pramerica, the largest employer in Donegal, have been eased with news that the Letterkenny enterprise has been taken over by Indian multinational IT services company, Tata Consultancy Service.
In a statement on Thursday morning, Tata Conultancy Services who announced that they are entering into an agreement that will see TCS acquire the staff and select assets of Pramerica Systems Ireland Ltd. (Pramerica), Prudential Financial, Inc. (PFI’s) subsidiary based in Letterkenny, Ireland.
The statement said the enhanced partnership builds on a long relationship between the two organisations and will see over 1,500 of Pramerica’s staff in Ireland transfer to TCS.
As part of TCS’ new Global Delivery Centre in Ireland, they will continue to provide PFI with a range of business, digital and technology services, while also expanding TCS nearshore capabilities to provide the multifunctional, digital services and solutions to other customers in Ireland, the UK, Europe and the US.
Last August, there were fears that Pramerica was set to announce job cuts at its Letterkenny campus.
A conference call meeting was held with local employees in which they were told that a strategic review was ongoing.
There had been speculation for a number of months that possible cutbacks were on the way.
Opening with just eight employees in June 2000, Pramerica has grown to become the largest employer in Donegal with more than 1,650 people on its staff.
Today’s announcement marks a new chapter for the Letterkenny firm.
Tata Consultancy Services is a leading global IT services, consulting and business solutions organisation.
K. Krithivasan, President, TCS Banking, Financial Services and Insurance said Ireland is uniquely positioned to play a leading role in the digital economy.
“This key investment significantly strengthens our ability to provide nearshore services and meet the growth and transformation needs of our customers globally,” he said.
“We warmly welcome Pramerica’s employees into the TCS family. We are confident they will avail the immense career growth opportunities that TCS offers, and fully realise their potential.”
Stacey Goodman, Chief Information Officer of PFI, commented, “We are incredibly proud of the organisation our colleagues in Letterkenny have built and evolved over the past two decades and excited for Pramerica’s next chapter together with TCS and in partnership with PFI. This transaction is truly a win for everyone involved, advancing PFI’s ongoing transformation process as well as TCS’ strategic goals, while also providing exciting growth opportunities for Pramerica Ireland employees and the Letterkenny region.”
PFI 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.
TCS has been partnering with the world’s leading banks, financial services, and insurance institutions in their growth and transformation initiatives for over four decades.
It offers a comprehensive portfolio of technology-led, domain-focused services, and innovative solutions that empower BFSI institutions to manage risks better, respond to market changes quickly, leverage ecosystems, accelerate innovation and deliver superior customer experiences, while ensuring regulatory compliance.
Its award-winning TCS BaNCS™ suite of products and platforms that spans the complete financial services value chain, has helped customers across the world launch new products, enhance customer service, strengthen operational resilience, and grow their business.
The transaction is subject to completion of customary regulatory approvals.
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