Marks & Spencer and TCS are expected to reach a $1 billion deal
Tata Consultancy Services (TCS), the largest software exporter in the nation, is about to finalize several transactions worth $1 billion with British retailer Marks & Spencer. The IT firm, however, has not officially confirmed the acquisition and labeled it “market speculation”.
The report claims that many transactions between TCS and Mark & Spencer, totaling $1 billion, will be finalized in the upcoming weeks.
Notably, TCS and Marks and Spencer have been working together since 2018. For more than 80,000 of Marks and Spencer’s employees, the Indian IT behemoth has given human resource solutions. The Oracle supply chain management platform has also been used by TCS to provide solutions.
The newest agreements will reportedly encompass, among other things, digital transformation initiatives and business process services. They are anticipated to be dispersed over an 8–10 year period. “As per policy, we do not comment on market speculation,” TCS reacted to the news in a statement.
The largest deal so far in this fiscal year, worth over $700 million, was disclosed by TCS in February. It came from the UK-based Phoenix Group. This contract was an extension of a $2 billion engagement it had earned from the same company in 2019.
