Tata Consultancy Services completes its acquisition of Postbank Systems AG

TCS has announced to acquire Postbank Systems(PBS) from Deutsche Bank AG in November through its subsidiary Tata Consultancy Services Netherlands B.V. PBS has been the internal IT provider for Postbank AG, a subsidiary of Deutsche Bank, catering for the German retail banking market. PBS has approximately 1,500 employees across nine locations in Germany.

"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 said in a BSE filing.

The transaction will see the employees of PBS become a part of the Mumbai-based company. TCS said had "100% of the shares will be acquired by TCS Netherlands BV (a subsidiary of TCS)" and the "estimated transaction value at a symbolic 1 euro". The deal is expected scale up TCS business in Germany and strengthen its growth outlook.

TCS is present in Germany since 1991, TCS currently works with over 100 leading German corporations. TCS is ranked by analysts as the fastest-growing IT service provider in Germany with a 10-year CAGR of over 24%.

Headquartered in Bonn, Germany, PBS services include infrastructure operations, application operations, management and development, as well as business consulting for retail banking. Its revenue in 2019 stood at 530 million euros.