Reported by: banking|Updated: November 11, 2020
Tata Consultancy Services is to acquire Deutsche Bank’s technology services business. The company’s unit Tata Consultancy Services Netherlands will acquire 100% of the shares of Postbank Systems from Deutsche Bank at a consideration of 1 euro. The Bonn-based Postbank Systems is a full-range captive IT service provider offering project management, application management, and infra management services exclusively to Postbank and other subsidiaries of Deutsche Bank. It has 1500 employees, who will become part of TCS. The transaction is expected to close by December 2020, subject to requisite approvals, and will support TCS’ growth plan within Germany and across Europe. Postbank Systems had reported a revenue of £530 million in 2019 and since significant assets of the company and pass-through contracts will be sold to Deutsche Bank, its revenue for 2021 has been projected at €260 million.