TCS to buy Phoenix's BPO arm

By siliconindia   |   Tuesday, 11 May 2004, 19:30 IST
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BANGALORE : India 's largest software exporter Tata Consultancy Services plans to buy the Indian subsidiary of Connecticut-based asset management service provider Phoenix Companies, a company spokesman said Tuesday. The 400 employees of Phoenix Global Services, which provides back-office services for insurance, annuity and asset management, will become TCS' employees, Tata spokesman Atul Takle said. He declined to reveal the price of acquisition. “This acquisition will give us an impetus to attract new customers and help grow our existing customers,'' TCS Chief Executive Officer S Ramadorai said in a statement. Phoenix Companies, headquartered in Hartford , helps individuals and companies manage their investment portfolio. It manages assets worth $47 billion. Tata Consultancy provides outsourced software development and back-office services for a number of industries, including the insurance sector. A string of acquisitions have taken place in recent months among Indian back-office companies, driven by the need to have bigger profiles. In early April, IBM acquired outsource service provider Daksh eServices with its 6,000 employees.