TCS Secures €550 Million AI and Cloud Transformation Deal with Scandinavian Insurer Tryg

India's TCS bags $644 million deal from Scandinavian insurer Tryg

BENGALURU, Sept 2 (Reuters) - India's largest IT firm Tata Consultancy Services (TCS.NS), opens new tab has bagged a 550 million euro ($643.89 million) order from Scandinavian insurance firm Tryg (TRYG.CO), opens new tab, the company said on Tuesday, announcing its first mega deal this fiscal year. Mega deals, which are typically worth more than $500 million, are key revenue drivers for IT services companies. TCS, during the seven-year deal tenure, will leverage its suite of AI and cloud solutions across Tryg's entire IT operations, the company said. India's $283 billion IT sector has been facing a rough patch as clients hold back non-essential spending because of weak demand, persistent inflation and lingering uncertainty over U.S. trade policies. Mega deals have become a rarity in the current demand environment. TCS Chief Executive K Krithivasan, in July, flagged that there were delays in client decision-making and project starts. In late July, TCS also announced laying off 2% or 12,000 employees, mostly mid- and senior-level roles. ($1 = 0.8542 euros) Reporting by Sai Ishwarbharath B; Editing by Mrigank Dhaniwala Our Standards: The Thomson Reuters Trust Principles., opens new tab

TCS shares in focus after €550 million digital transformation deal with Tryg

TCS shares: TCS inks €550 mn, 7-year deal with Scandinavia's Tryg to drive digital transformation across Denmark, Sweden and Norway. Shares of Tata Consultancy Services (TCS) are expected to be in focus on Wednesday, September 3, following the announcement of a major €550 million strategic agreement with Tryg, one of the largest non-life insurance companies in Scandinavia. In a press release, TCS announced that it has expanded its longstanding partnership with Tryg, which spans over 15 years. Under the new engagement, TCS will collaborate with the Danish insurer over the next seven years to simplify, standardise, and digitally transform Tryg's operations across its core markets of Denmark, Sweden, and Norway. The seven-year deal is aimed at driving growth and operational efficiency for Tryg by leveraging TCS's full suite of AI and cloud solutions. TCS will take ownership of a wide range of IT functions, including application development and management, end-to-end infrastructure services, end-user services, and cybersecurity. According to the release, TCS will play a key role in helping Tryg realise its "United Towards 27" vision, an initiative focused on building new digital capabilities to serve over six million customers across the Nordic region. The partnership will streamline Tryg's historically complex IT environment, which has evolved through multiple mergers and acquisitions, and embed automation and AI at all levels of the IT value chain. TCS emphasized that this expanded engagement will enhance Tryg's operational resilience and help the insurer adapt more effectively to future technological disruptions. The company cited its deep contextual knowledge of Tryg's business needs, built over a decade and a half of collaboration, as a key differentiator that will support the success of this transformation initiative. The deal further strengthens TCS's already significant presence in the Nordics. The Indian IT major has operated in the region for over 30 years and employs more than 20,000 professionals across Denmark and neighboring countries. TCS supports top multinational clients across sectors such as banking, financial services, insurance, retail, telecom, logistics, life sciences, and manufacturing. In recognition of its performance in the region, TCS's Banking, Financial Services, and Insurance business group in the Nordics has been ranked #1 for customer satisfaction for eight consecutive years by an independent survey. It has also earned recognition as a Top Employer by the Top Employers Institute. Also read: Sebi to tighten intraday rules for index options from October 1 (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

TCS partners with Tryg on a €550M Deal to Propel Growth with Comprehensive Digital Transformation Over the Next 7 Years

COPENHAGEN | MUMBAI, September 02, 2025: (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services, consulting, and business solutions, has expanded its strategic partnership with Tryg, a leading Scandinavian non-life insurance company that operates in Denmark, Sweden, and Norway. As part of the seven-year €550M agreement, TCS will partner with Tryg to simplify and standardise operations across its three major markets and drive technological transformation, to accelerate the company's growth journey. 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. Taking ownership of application development and management, end-to-end infrastructure services, end-user services, and cybersecurity, TCS will propel Tryg's 'United Towards 27' vision aimed at simplifying its IT operations and building the capacity to develop new digital solutions for more than six million customers. The expanded partnership will create an opportunity for TCS to streamline a historically complex IT landscape shaped by 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. This means we can deliver the best customer experiences, continue to differentiate Tryg in the market, and strengthen our competitiveness. 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. TCS is the right partner to assure an important contribution towards achieving our ambition." 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. By optimising development and operational costs, TCS will lay the foundation for a scalable and sustainable IT ecosystem. K Krithivasan, CEO, Tata Consultancy Services, said, "Success today depends on how quickly and resiliently enterprises can adapt. The key to long-term value creation lies in building perpetually adaptive enterprises enabled by intelligent, future-ready IT systems. 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. This extension reflects our shared commitment to building resilient ecosystems designed not just for today, but for the possibilities of tomorrow." TCS and Tryg have shared a strategic partnership spanning over 15 years. TCS has collaborated with Tryg over the years on many elements of their transformation journey and continued to deliver on key outcomes. Using its deep contextual knowledge, TCS has developed a unique model to drive an industry-first business case for its Danish and Nordic customers while achieving their strategic business goals. Under the new engagement, TCS will use its deep understanding of the company's objectives to make Tryg more resilient to future technological disruptions. TCS has had a strong presence in Denmark and the Nordics for the past 30 years. Currently, over 20,000 TCS employees support leading enterprises in the Nordics, driving growth and transformation for some of the region's top multinationals in sectors such as banking, financial services, insurance, retail & CPG, travel transportation and logistics, telecom, manufacturing, life sciences, and tech services. TCS' Banking, Financial Services and Insurance business group in the Nordics has been ranked #1 for its superior customer satisfaction by an independent survey for eight consecutive years. It has also been recognised as a Top Employer by the Top Employers Institute.