Tata Consultancy Services acquires BridgePoint Group

30 November 2018 Consulting.us

Indian IT consulting giant TCS has acquired boutique financial services consultancy BridgePoint Group. Not to be confused with Bridgepoint Consulting or private equity firm Bridgepoint, the Gainesville, GA-based, woman-led consultancy was founded in 2010.

BridgePoint Group is a boutique management consulting firm based in Gainesville, Georgia, focused on the financial services sector. The firm specializes in supporting clients in retirement services, insurance, and asset management.

BridgePoint’s offerings within those industries range from strategy and transformation to marketing, operations, regulatory & compliance, and customer relationship management. The firm is led by CEO Barbara March, who has 34 years of financial services experience, and 22 years of retirement industry experience. March previously held executive positions at Fidelity Investments, ING, and Invesco Retirement.Tata Consultancy Services acquires BridgePoint GroupThe nimble consulting firm has now been acquired by Tata Consultancy Services, India’s largest IT services and management consulting firms. TCS’ workforce numbers 411,000 across 46 countries, posting $19 billion in revenues last year. Founded in 1968 and headquartered in Mumbai, TCS has operated in the US for over 40 years, and currently has offices in 21 US cities. Part of multinational diversified conglomerate Tata Group, in April TCS became only the second Indian company to breach $100 billion market capitalization.

The acquisition enhances TCS’ financial services and insurance consulting capabilities, while adding dozens of staff with extensive experience in US retirement services. "The US retirement business is complex, so BridgePoint's deep industry expertise and team of highly experienced consultants will enable TCS to develop a robust customer-focused retirement services business," said Suresh Muthuswami, President & Global Head, BFSI Platform, TCS. "This move underscores our long-term commitment to this industry, enhancing our ability to provide end-to-end engagements, from strategic consulting to servicing of retirement assets. We welcome the BridgePoint team to TCS."

According to a release from TCS, BridgePoint's entire management team, as well as key experts, will join the company. BridgePoint’s network of customer relationships and industry expertise will help TCS better provide digital transformation solutions to the $1 trillion US retirement services market.

"We are very excited about this transaction, being one that brings benefits to all parties," said Barbara March, Chief Executive Officer, BridgePoint. "Our customers require access to new and innovative solutions, capitalizing on both BridgePoint's broad understanding of the industry's complexities and TCS' expertise in enabling digital transformations. The portfolio of services offered by TCS will offer growth potential and superior service to retirement providers across the US."

In other TCS news, the firm was recently cleared by a jury in California, rejecting claims that it discriminated against American workers in favor of staffing its US offices with Indians. According to Bloomberg, the verdict is a major victory for the Indian outsourcing industry, which employs a business model heavily dependent on the export of engineers to the US.

The ex-employees who brought forward the lawsuit accused TCS of favoring Indian ex-pats and visa-ready workers from India for US positions, resulting in an almost 80% South Asian workforce in the US – far higher than the 12% proportion of South Asians living in America. The suit also alleged that since 2011, the company fired 12.6% of its non-South Asian workers in the US, compared to less than 1% of South Asian employees. 

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OneDigital buys Northwestern Benefit in company's largest acquisition yet

11 April 2019 Consulting.us

Human resources and benefits consultancy OneDigital Health and Benefits has acquired Northwestern Benefit, the largest privately held benefits broker in Georgia.

Atlanta-based OneDigital has carried out an aggressive acquisition strategy in past years, completing 28 deals in 2018, as well as five in 2019 thus far. Its recent acquisitions have included consulting firms Paradigm Group, Cherry Creek Benefits, and Veritas Risk Services. OneDigital’s rapid expansion last year boosted annual revenue by $100 million in 2018, reaching $400 million.

OneDigital’s core offerings include strategic benefit advisory services, analytics, compliance support, human resources management technology, and insurance broking. The firm has more than 80 offices in the United States.

The consulting firm has continued its accelerated growth strategy with the purchase of benefits and HR consultancy Northwestern Benefit, which is also based in Atlanta. “This represents an exciting milestone for OneDigital, where our largest acquisition to date is also located right here in our home state of Georgia,” Adam Bruckman, CEO of OneDigital, said. “Northwestern lets us compete in the Atlanta benefits marketplace in an entirely new way.”OneDigital buys Northwestern Benefit in company's largest acquisition yetThe acquired firm was founded in 1996, and provides benefits, HR, compliance, wellness, education, and workforce planning advisory services to clients in George and across the US. Northwestern Benefit’s 150 employees will join OneDigital, bringing the firm’s headcount to over 1,600 employees, and its employer client count to approximately 50,000.

OneDigital’s chief growth officer, Mike Sullivan, highlighted Northwestern’s excellent sales culture and client service models as factors in the deal, while noting that the deal will significantly expand the firm’s middle market scale and capabilities. Sullivan expects more deals on the horizon, as OneDigital seeks to scale up further. “We expect north of 25 acquisitions again this year to bring us over the $500 million revenue threshold,” he said.

David Asbury, CEO of Northwestern Benefit, will join OneDigital as a senior managing principal. “As the benefits space continued to consolidate and we considered acquirers, it was incredibly important to me to find the right partner,” he said. “With OneDigital’s scale, reach and long-term vision, we knew our organizations would fit together and be stronger together right off the bat.”

As employment levels remain at record highs, employers are increasingly turning to effective and comprehensive benefits packages in order to attract and retain a dwindling pool of talent. HR and benefits firms help employers strategize the ideal benefits and compensation packages to get the talent they need, while doing so in the most cost-effective manner. “In a rapidly changing economy, an employer’s ability to attract and retain talent is often directly tied to the benefits they can provide, and OneDigital ensures we’re supplying our clients with the most robust health, wealth, and HR advisory services,” Bruckman said.