TCS acquires US-based management consultancy BridgePoint Group

30 November 2018 Consultancy.in

Indian IT services giant has continued its flurry of activity in the US, this time through the strategic acquisition of a management consulting firm by the name of BridgePoint Group. Financial details for the acquisition of the Georgia-based financial services firm have not been made public. 

Over the last five years, TCS has grown rapidly in nearly every aspect. In terms of services, the firm has made concerted efforts to enter the rapidly expanding digital services market across the globe. Financially, the firm became one of the few Indian firms to surpass the $100 billion mark in market capitalisation this year.

The firm has also been rapidly expanding in the geographical scope of its services, having won major contracts across the US and Australia and having consolidated its presence in France. In the US, the firm has grown into the 58th most valuable brand in the country, and has accumulated a considerable amount of legitimacy.

Interestingly, TCS’ has been dictated by a strategy that laid emphasis on organic means of growth only, a strategy that now appears to be changing. The firm acquired London-based  design agency W12 Studios last month, and has now acquired a US-based firm by the name of BridgePoint Group.

TCS acquires US-based management consultancy BridgePoint Group

Based in Georgia, BridgePoint offers a wide variety of services, spanning financial services, retirement services and commercial & banking services. As a result, the firm’s clientele primarily hails from the banking and financial services sector, an area where TCS has been particularly active in the US market.

TCS is currently handling a major contract with insurance firm Transamerica, wherein it manages the insurance firm’s insurance and annuities divisions. Given BridgePoint’s existing base of clients in the US, the acquisition is set to help the firm rapidly expand its operations in the country. 

Commenting on the acquisition, President & Global Head of TCS’ BFSI division Suresh Muthuswami said, “The US retirement business is complex, so BridgePoint’s deep industry expertise and team of highly experienced consultants will enable TCS to develop a robust customer-focused retirement services business.”

CEO at BridgePoint Barbara March added, “Our customers require access to new and innovative solutions, capitalising on both BridgePoint’s broad understanding of the industry’s complexities and TCS’ expertise in enabling digital transformations. The portfolio of services offered by TCS will offer growth potential and superior service to retirement providers across the US.”

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IMAP advises on acquisition deal between major Indian iron ore players

18 April 2019 Consultancy.in

After submitting a bid of approximately $65 billion, Essel Mining – owned by the Aditya Birla Group – has acquired iron ore development firm Pro Minerals. The latter was advised throughout the transaction by a team from global corporate finance advisory firm IMAP, led by Managing Director & CEO Ashutosh Maheshvari. 

Pro Minerals has been operational for just under a decade, having been established in 2010.The firm was a collaborative venture between Hari Machines and Jyotirmoyee International, and has since evolved into a giant of the metals and minerals sector in India, not least due to its plant in Odisha.

The plant in the Eastern state of India has an annual iron-ore benfication cum pelletization output of 1 million tonnes, and was established with collaborative input from Allmineral in Germany and Primetals Technology from Austria. Nevertheless, the firm found itself in financial trouble in recent years.

After months of insolvency pressure, the firm was put up for acquisition by its financer Bank of Baroda, which has now accepted a bid from Essel Mining complete with a capital infusion that would settle the firm’s existing finances. Advice on the deal came from global corporate finance consultancy IMAP.

IMAP advises on acquisition deal between major Indian iron ore players

IMAP is a partner-owned firm that specialises in the mergers & acquisitions (M&A) domain, and supports firms that fall into the medium-sized category. The firm advises on the buy side as well as the sell side, and supports clients in as many as 200 transactions on an annual basis.

The firm also works with larger multinational firms across a variety of sectors, and deal sizes vary from $20 million to $300 million. In keeping with global trends, the majority of deals that IMAP was involved in last year were in the technology domain, although the latest one falls in the materials, chemicals & mining domain.

Essel Mining & Industries – a subsidiary of the Aditya Birla Group – is one of the most prominent iron-ore mining corporations in India, and holds the position as the largest producer of noble ferro alloys in India. The acquisition of Pro Minerals was supported by Ashutosh Maheshvari and a team of IMAP professionals.

Director at the firm Paresh Raja was also amongst the experts who advised on the deal. The transaction results in a 100% acquisition of Pro Minerals’ business operations.