Finance
India's TCS bags $644 million deal from Scandinavian insurer Tryg
Published by Global Banking and Finance Review
Posted on September 2, 2025
1 min readLast updated: January 22, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on September 2, 2025
1 min readLast updated: January 22, 2026
TCS has secured a €550 million deal with Tryg, focusing on AI and cloud solutions over seven years, amid a challenging IT sector environment.
BENGALURU (Reuters) -India's largest IT firm Tata Consultancy Services has bagged a 550 million euro ($643.89 million) order from Scandinavian insurance firm Tryg, the company said on Tuesday, announcing its first mega deal this fiscal year.
Mega deals, which are typically worth more than $500 million, are key revenue drivers for IT services companies.
TCS, during the seven-year deal tenure, will leverage its suite of AI and cloud solutions across Tryg’s entire IT operations, the company said.
India's $283 billion IT sector has been facing a rough patch as clients hold back non-essential spending because of weak demand, persistent inflation and lingering uncertainty over U.S. trade policies.
Mega deals have become a rarity in the current demand environment.
TCS Chief Executive K Krithivasan, in July, flagged that there were delays in client decision-making and project starts.
In late July, TCS also announced laying off 2% or 12,000 employees, mostly mid- and senior-level roles.
($1 = 0.8542 euros)
(Reporting by Sai Ishwarbharath B; Editing by Mrigank Dhaniwala)
TCS has secured a 550 million euro ($643.89 million) order from Tryg.
TCS will leverage its suite of AI and cloud solutions across Tryg’s entire IT operations.
The Indian IT sector is experiencing weak demand, persistent inflation, and uncertainty over U.S. trade policies, leading clients to hold back on non-essential spending.
TCS announced layoffs for 2% of its workforce, which amounts to about 12,000 employees, primarily in mid- and senior-level roles.
TCS's CEO K Krithivasan noted that there were delays in client decision-making and project starts, which are affecting the company.
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