TCS bags 840 million pounds contract from UK's Nest

Country's largest IT services exporter TCS on Wednesday announced that it has bagged a GBP 840 million contract with UK's Nest to enhance the members' experience for the pension scheme. The maximum estimated value of the contract can go up to GBP 1.5 billion if it is extended to the entirety of its 18-year tenure, Tata Consultancy Services said in a statement.

The new contract is for ten years and is an expansion of the partnership between the two entities, the statement said, adding that they have been working together since 2011.

Under the newer contract, TCS will help transform administration services and deliver better retirement outcomes for people across the UK, the statement said.

The IT services company will deploy its Bancs platform to transform the administration services for Nest and enable Nest's 12 million members and 1 million employers to access the right information at the right time, the statement said.

Vivekanand Ramgopal, the president for BFSI products and platforms at TCS said over the last 12 years, it has helped deliver a succesful pension plan for UK's workforce and the new contract will help Nest offer a compelling omnichannel member experience to the new generation of workers entering the workplace.

"We are looking forward to leveraging our contextual knowledge, technology expertise and proven platform to help Nest realise our shared vision for the future," he added.

Nest's chief customer officer Gavin Perera-Betts said TCS has proven its ability to deliver a large and complex scheme successfully.

TCS shares closed 0.94 per cent up at Rs 3,257.45 apiece on the BSE on Wednesday, as against gains of 0.31 per cent on the benchmark Sensex.

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.