Tata Consultancy Services (TCS) said on Friday it has completed the acquisition of 100 per cent shares of Postbank Systems (PBS) from Deutsche Bank AG.
PBS is an IT service company that provides project management, application management and infrastructure support services to Postbank and other subsidiaries of Deutsche Bank.
PBS has 1,500 employees across nine locations in Germany. TCS had announced to acquire Postbank Systems in November through its subsidiary Tata Consultancy Services Netherlands BV.
"The acquisition was to be completed by year-end 2020 subject to customary regulatory and governmental approvals. This is to inform you that the aforesaid acquisition of Postbank Systems AG has been completed today," TCS said in regulatory filings at stock exchanges.
The transaction will see the employees of PBS become a part of Mumbai-based IT software major.
In an earlier statement, TCS had said 100 per cent of the shares will be acquired by TCS Netherlands BV and the estimated transaction value at a symbolic one euro.
The deal is expected to scale-up TCS business in Germany and strengthen its growth outlook.
Headquartered in Bonn, PBS services include infrastructure operations, application operations, management and development, as well as business consulting for retail banking. Its revenue in 2019 totalled 530 million euros.