TCS acquires Pramerica Technology Services from Prudential Financial

India’s Tata Consultancy Services Ltd. agreed to acquire Pramerica Technology Services from insurance giant Prudential Financial Inc., according to a person familiar with the matter, helping the insurer cut costs to counter low interest rates and the coronavirus fallout.

TCS and the Newark, N.J.-based life insurer signed the agreement for the Letterkenny, Ireland-based tech-services business Wednesday, with a few details still being worked out, said the person, asking not to be identified because the deal isn’t public. No cash will change hands and TCS will take on more than 1,500 Pramerica employees.

TCS declined to comment, while Prudential didn’t respond to requests for comment.