Tata Consultancy wins $2.2 billion order from UK firm Friends Life

11 Nov 2011 Evaluate

Tata Consultancy Services won its second biggest ever outsourcing contract worth $2.2 billion from UK-based pension firm Friends Life, providing positive forecast for India's technology sector complaining of shrinking contracts and delays in decision making by top customers. The contract, TCS' second biggest deal after the company won $2.8 billion order in 2008 from Citigroup, is based on a model wherein the company will be paid for each insurance transaction and will add another 3.2 million policies to the existing Diligenta platform owned by its UK subsidiary.

With this contract, TCS will now manage some eight million policies in UK using the same platform, increasing the company's share of revenues earned without having to hire additional staff. Around 1900 staff of Friends Life will get transferred to TCS' payroll as part of this transaction.

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