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Our Bureau

Mumbai , May 10

TATA Consultancy Services (TCS) has signed a definitive agreement with Phoenix Companies Inc, to acquire its fully owned subsidiary Phoenix Global Solutions (PGS), an insurance-domain consulting and solutions company based in Bangalore.

TCS, which did not reveal the size of the deal, said PGS's expertise, with the added value of TCS' insurance practice, presents a unique value proposition for customers.

PGS operates from a 6.6-acre campus in Bangalore; its clients consist of insurance companies across the globe, said the release.

"Our growth strategy has been a combination of organic and inorganic growth," said Mr S. Ramadorai, CEO, TCS. "This acquisition is in line with a focus to consolidate the strengths developed by TCS in the financial industry segments."

"This sale is consistent with our strategy to focus only on our core life, annuity and asset management manufacturing businesses," said Mr Dona D. Young, Chairman, President and CEO, Phoenix.

More Stories on : Mergers & Acquisitions | Software

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