Indian IT bellwether Tata Consultancy Services (TCS) on Wednesday said it had acquired the US-based management consulting firm BridgePoint Group for an unspecified amount to have expertise in the US financial services industry and retirement services.
"The acquisition augments our financial services and insurance domain knowledge in the US retirement services where BridgePoint provides insights and advisory services," said the city-based IT major in a statement in Mumbai.
The $19-billion TCS partners with eight of the top 10 US banking, financial services and insurance institutions, and offers retirement services the world over in the BFSI vertical.
"The US retirement business is complex, so BridgePoint's expertise and consultants will enable us to develop a healthy customer-focused retirement services business," TCS' global head Suresh Muthuswami said in the statement.
Post-acquisition BridgePoint management team and experts will join TCS.
"BridgePoint's customer relationships and industry knowledge adds to our 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," said the outsourcing firm in the statement.
The buyout will also enhance the company's ability to provide engagements, from strategic consulting to servicing of retirement assets.
BridgePoint Chief Executive Barbara March said the deal would benefit all the parties as its customers require access to new and innovative solutions.
"Our customers require access to new and innovative solutions, capitalising on our understanding of the industry's complexities and TCS' expertise in enabling digital transformations," said March in the statement.