TCS wins deal from Chicago-based Envestnet Data and Analytics

Tata Consultancy Services said on Wednesday that it has won a deal from Chicago-based Envestnet Data and Analytics to build cloud-based solutions for the financial wellness solutions company.

The financials of the deal were not disclosed.

In addition to expanding its core platform and cloud-enabling its data estate, TCS will enhance Envestnet D&A’s technology infrastructure, streamline operations, and product innovation.


Additionally, TCS will provide custom-designed analytics solutions to its clients in the banking and financial services industry, leveraging the Envestnet D&A platform.

“...We are pleased to partner with TCS to accelerate our response to the growth opportunities in the marketplace, allowing us to scale our product innovation and be more dynamic in meeting clients' expectations,” said Farouk Ferchichi, Group President, Envestnet Data and Analytics.

“Using our deep financial experience developed over decades, TCS is helping leading wealth management institutions across the world leverage new technologies to navigate the evolving business landscape, pursue innovation and improve customer experience,” said Rakesh Kumar, Business Unit Head – US West, Banking, Financial Services and Insurance, TCS.

ET had reported earlier that the company is also poised to close additional deals worth $1 billion with British retailer Marks & Spencer in the next few weeks.

This will mark this year’s biggest deal win for India’s top software exporter, which is also in line to renew its existing five-year engagement with the UK-headquartered company.

TCS had reported a $700 million plus order from UK-based Phoenix Group last month, the largest deal so far in this fiscal year. The deal came from the extension of a $2 billion engagement it had won in 2019 from the same group.

The IT major had said in January this year that it sees increasing caution among clients that is leading to more deals focused on cost optimisation and vendor consolidation.