Tata Consultancy Services said it has acquired the business of BridgePoint Group, LLC, a U.S. management consulting firm that caters to the financial services industry and specializes in retirement services, “through the purchase of select company assets”.
The company did not disclose the value of the transaction.
“TCS currently partners with eight of the top 10 US Banking, Financial Services and Insurance institutions, and offers retirement services across the globe.
“This acquisition augments TCS’ financial services and insurance domain knowledge, particularly in the area of US retirement services, where BridgePoint’s team of experts currently provide strategic insights and advisory services..” it said.
The acquired company offers services around growth, business agility, customer experience and technical transformation.
Bridgepoint describes itself as a “management consulting firm focused exclusively on the challenges facing financial institutions.”
BridgePoint’s entire management team and key experts will join TCS, India’s biggest foreign exchange earner and employer of over 3 lakh people.
“Their deep customer relationships and significant industry knowledge adds to TCS’ ability to provide digital solutions that enhance sponsor and participant experience, and drive Business 4.0 transformations in the $1 trillion US retirement services market,” the Mumbai-based firm added.
“The US retirement business is complex, so Bridge Point’s deep industry expertise and team of highly experienced consultants will enable TCS to develop a robust customer-focused retirement services business,” said Suresh Muthuswami, President & Global Head, BFSI Platform, TCS.
“This move underscores our long-term commitment to this industry, enhancing our ability to provide end-toend engagements, from strategic consulting to servicing of retirement assets,” he added.
“We are very excited about this transaction, being one that brings benefits to all parties,” said Barbara March, Chief Executive Officer, BridgePoint. “Our customers require access to new and innovative solutions, capitalizing on both BridgePoint’s broad understanding of the industry’s complexities and TCS’ expertise in enabling digital transformations. The portfolio of services offered by TCS will offer growth potential and superior service to retirement providers across the US.”