Tata Consultancy Services (TCS) announced on September 2 that it has signed a seven-year agreement worth 550 million euros (around $640 million) with Scandinavian non-life insurance company Tryg, making it the IT services behemoth's first mega deal of FY26.
As part of the agreement, TCS will be expanding on its 15-year partnership with the company to simplify and standardise operations across its three major markets, Denmark, Sweden, and Norway. It will also drive technological transformation, to accelerate the company’s growth journey, TCS said.
This will be TCS' first mega deal this fiscal year after a lull in FY25, as customers remained cautious of their tech budgets due to macroeconomic headwinds. TCS had earlier reported a slew of $500 million plus deals in India and other geographies in FY24.
"TCS will leverage its suite of AI and Cloud solutions across Tryg’s entire IT landscape to augment delivery capability, automate core processes, and elevate customer experience," the IT major said in an exchange filing released in the post market hours of September 2.
TCS will be streamlining the Tryg's historically complex IT landscape due to organic growth and acquisitions, unify fragmented operating models across geographies, and embed automation and AI to enhance efficiency in every element of the IT operations value chain.
Johan Kirstein Brammer, Group CEO, Tryg, said, “We are simplifying our IT landscape enabling us to further invest in new technology and develop our business across Scandinavia...The extended partnership with TCS, which is one of the leading technology companies in the world, is a key initiative supporting our 2027 target to simplify and scale Tryg’s business.”
As a part of the new agreement, TCS will also establish a unified digital-first operating model for managing business across the three key markets that Tryg operates in, consolidating functions that were dispersed across the region. The initiative will ensure scalability and expedite Tryg’s go-to-market timeline, while boosting operational efficiency.
K Krithivasan, CEO, Tata Consultancy Services, said, “By combining TCS’ best-in-class Cloud and AI capabilities with our expertise in the insurance sector, we will help Tryg accelerate its transformation into an agile, technology led enterprise with AI at its core. We are proud of this long-standing partnership that has brought key innovations in the European insurance space."
TCS has been present in Denmark and the Nordics for the past 30 years. Currently, it has over 20,000 employees to support leading enterprises in the region, driving growth and transformation for some of the top multinationals in sectors including banking, financial services, insurance, retail & CPG, travel transportation and logistics, telecom, manufacturing, life sciences, and tech services.
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