Indian IT services company Tata Consultancy Services’ (TCS) acquisition of US-based consulting firm BridgePoint Group’s retirement platform services business will augment its financial services and insurance domain knowledge.
“TCS’ acquisition was focused on acquiring the BridgePoint team, as well as the intellectual property by the team in created connection with the retirement platform services business,” said Nilanjana Singh, a partner at AZB & Partners, the legal adviser to TCS on the acquisition.
The deal value is undisclosed and the acquisition was by way of an asset purchase and the hiring a few select employees of the Gainesville, Georgia-based BridgePoint. This was the second deal in two months by Mumbai-based TCS, a part of the Indian conglomerate Tata Group. In October, it had announced the acquisition of London-based W12 Studios, a digital design company.
“The BridgePoint team has a well-established retirement platform services business, which involves an integrated combination of IT Services, infrastructure and business process outsourcing services delivered using owned software components specially tailored for the industry,” said Singh.
“The US retirement business is complex, so BridgePoint team’s deep industry expertise and team of highly experienced consultants that are now with TCS, will enable it to develop a robust customer-focused retirement services business.”
The AZB team included Singh and counsel Pallavi Satpute. Kelley Drye & Warren was TCS’ US legal counsel.