TCS wins order to modernize Danish insurer Tryg's IT infra

India's largest software services company Tata Consultancy Services Ltd (TCS) has won a $640 million order from Danish insurance firm Tryg, marking its first big-ticket deal since January 2024.

- Jas Bardia

On Tuesday, TCS said it would expand on its existing partnership and modernize the Danish insurer's information technology infrastructure using artificial intelligence and cloud solutions. However, Mint could not ascertain the quantum of business that was net new.

Nonetheless, TCS's transaction with Tryg is a rare deal for the IT outsourcer that has struggled to win contracts worth more than $500 million, even as its rivals have seen success. TCS last won a contract valued upwards of a billion dollars in January 2024, when it inked a $2.5-billion, 15-year contract with British insurer Aviva.

The deal with Tryg, with a tenure of seven years, comes as a welcome sign for TCS at a time when it has been struggling to bag large deals in an uncertain demand environment.