TCS May Close Additional Deals Worth $1 Billion With Marks & Spencer: Report

In 2018, TCS expanded its relationship with Marks & Spencer to enable it to become a digital-first business

TCS is in line to renew its existing five-year engagement with M&S, and this deal will mark 2023’s most significant deal win for India’s top software exporter. ( Image Source :Getty )

TCS is all set to close additional contracts worth $1 billion with the British fashion retailer after it announced a multi-year, multi-million-dollar deal with Marks & Spencer last July, according to a report by The Economic Times (ET).

Last year, the company's retail business head for Europe, Abhijit Niyogi, told PTI that the demand for IT services remains strong in Europe and the UK despite macro headwinds like inflation, rate tightening, and political turmoil in the UK and the ongoing Russian invasion of Ukraine.

According to the report, TCS and Marks & Spencer's partnership dates back over a decade.

The company is in line to renew its existing five-year engagement with M&S, and this deal will mark 2023’s most significant deal win for India’s top software exporter.

"Apart from the 2018 deal renewal, there are multiple additional deals in the pipeline with a cumulative value of over $1 billion that M&S is expected to close,” an industry executive in the know told The Economic Times.

In 2018, TCS expanded its relationship with Marks & Spencer to enable it to become a digital-first business.

Meanwhile, TCS in February announced the expansion of its partnership with Phoenix Group, UK’s savings and retirements provider in a £600 million ($723 million) deal; its largest deal in the fiscal year 2022-23. Under the deal, TCS will digitally transform the Phoenix Group’s ‘ReAssure’ business using the TCS BaNCS platform.

TCS’s UK-based subsidiary Diligenta will manage customer administration and servicing of ReAssure’s 3 million policies. Diligenta is TCS’ regulated subsidiary in the UK, on behalf of Phoenix Group. The contract for the end-to-end business transformation including administration services is valued at over £600 million, TCS said.

Phoenix Group is the UK’s long-term savings and retirement business. Its caters to 13 million customers with a broad range of pensions, savings, and life insurance products with brands including Standard Life, SunLife, Phoenix Life, and ReAssure.