Tata Consultancy Services (TCS) stated on Friday it has completed the acquisition of one hundred per cent shares of Postbank Systems (PBS) from Deutsche Bank AG.
PBS is an IT service enterprise that delivers project management, application management and infrastructure help services to Postbank and other subsidiaries of Deutsche Bank.
PBS has 1,500 workers across nine areas in Germany. TCS had announced to obtain Postbank Systems in November by way of its subsidiary Tata Consultancy Services Netherlands BV.
“The acquisition was to be completed by year-end 2020 subject to customary regulatory and governmental approvals. This is to inform you that the aforesaid acquisition of Postbank Systems AG has been completed today,” TCS stated in regulatory filings at stock exchanges.
The transaction will see the workers of PBS come to be a portion of Mumbai-primarily based IT application key.
In an earlier statement, TCS had stated one hundred per cent of the shares will be acquired by TCS Netherlands BV and the estimated transaction worth at a symbolic a single euro.
The deal is anticipated to scale-up TCS business enterprise in Germany and strengthen its development outlook.
Headquartered in Bonn, PBS services consist of infrastructure operations, application operations, management and improvement, as effectively as business enterprise consulting for retail banking. Its income in 2019 totalled 530 million euros.