Mumbai: Global IT services provider Tata Consultancy Services (TCS) has acquired Bangalore-based Phoenix Global Solutions (PGS), a provider of technology business solutions to insurance companies across the globe for an undisclosed sum.

"The acquisition is in line with a focus to consolidate on the strengths developed by TCS over a period of time in the financial industry segments," TCS CEO S Ramadorai said in a release in Mumbai today (May 10, 2004).

The acquisition would give an impetus to attract new customers and help improve existing customers, he added.

PGS is a wholly owned subsidiary of Phoenix Companies Inc, a US-based firm with approximately $ 47 billion in third party assets under management.

PGS has around 350 employees and is valued at $ 12-13 million. It will continue to serve Phoenix Companies and MetLife as its top clients, TCS sources said.

This is the fourth acquisition of TCS in less than three years' time, the others being CMC Ltd, Airline Finance Services and ASDC.

The acquisition is subject to necessary regulatory approvals, it said.