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Corporation
COMPUTER HARDWARE & SERVICES
pramerica.ie

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About Pramerica

Pramerica provides a range of business and technology services to its parent company, Prudential Financial, which provides financial products and services to retail and institutional customers.

Pramerica Headquarter Location

Pramerica Drive Letterkenny Business & Technology Park

Letterkenny, Northern Ireland, F92 W8CY,

United Kingdom

+353 (74) 916-7600

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Latest Pramerica News

TCS acquires 1500 employees from Prudential subsidiary to staff new tech centre in Ireland

Nov 16, 2020

Tata Consultancy Services is to acquire the staff and select assets of Prudential’s Irish IT subsidiary Pramerica Systems Ireland. The deal builds on a long relationship between the two organisations and will see over 1,500 of Pramerica’s staff in Ireland transfer to TCS. TCS intends to build a new Global Delivery Centre in the Letterkenny region, providing PFI with a range of business, digital and technology services, while also expanding TCS nearshore capabilities to service other customers in Ireland, the UK, Europe and the US. “Ireland is uniquely positioned to play a leading role in the digital economy,” says K Krithivasan, president – Banking, Financial Services and Insurance, TCS. “This key investment deepens our relationship with PFI and gives us a new delivery capability in Ireland with specialised expertise, that significantly strengthens our ability to meet the growth and transformation needs of our customers globally.” Under the agreement, PFI will retain the Pramerica Ireland entity, which will continue to operate from Letterkenny and will focus on providing regional business services, reporting under its global asset manager, PGIM. The Australian Securities Exchange shut down for business all-day Monday after a software glitch in a new trading system provided by Nasdaq disrupted the market opening. ASX says the tech snafu created inaccurate market data during the trading of multiple securities in a single order. The glitch took the shine off the go-live of ASX’s refreshed trading system from Nasdaq. The Australian exchange says Nasdaq, customers and independent specialist third parties conducted extensive testing for over a year, including four dress rehearsals, in preparation for the live launch of the new platform. Dominic Stevens, ASX managing director and CEO, says: “The outage falls short of the high standards we set ourselves and the standards others expect of us. “Notwithstanding the extensive testing and rehearsals, and the involvement of our technology provider, ASX accepts responsibility. The obligation to get this right and provide a reliable and resilient trading system for the market rests with us. “While I am disappointed with today’s outage, we are determined to continue our program of contemporising ASX’s technology stack from top to bottom.” He says the issue will be resolved overnight, with the market re-opening at 10am tomorrow. The coronavirus had a negative impact on investment in early stage crypto startups, early in the year. The economic uncertainty caused by the pandemic made venture capital companies hesitant to invest in the first half of 2020. Yet, there is reason for optimism, as things are starting to turn around. In the third quarter of this year. Crypto startups haveraised $900 million in venture capital, more than 3x of what was raised in Q2 2020. Ilias Louis Hatzis is the founder and CEO at Kryptonio , a “keyless” non-custodial bitcoin and cryptocurrency wallet, that lets users manage bitcoin and crypto, without private keys or passwords. Research from Block showed that in Q3 2020, there were 212 VC deals, with half of those being early stage (59) and seed stage (60). Outlier Ventures reported that crypto projects raised $227 million in September through 97 deals, $278 million in August in 24 deals, and $254 million in July with 29 deals. The average deal size for early-stage startups was $7 million. These early-stage deals were about $272 million, or about 30% of the investment total for the quarter. Seed deals averaged $2.1 million and accounted for about 12% of investments for the quarter. Since late June this year, Defi has been on the tear and it’s not surprising to see DeFi investments crushing it. In September, DeFi deals made up for two-thirds of the total funding, or $157 million. In August, they made up 62% of deals and in July 72.4%. Overall in Q3, VCs invested in DeFi aggregators and derivatives platforms, including a new sub-category called “Staking Derivatives”, with projects like Stafi , Bifrost , Reflexer Labs , and Kira Core . Among the 23 DeFi projects, most are based on Ethereum and five of which are Polkadot-based with EVM compatibility, that raised $18.7M over the last three months. $18.7M has been raised across 5 Polkadot DeFi projects over the last two months A comparatively small figure, but a sign of Polkadot’s burgeoning DeFi community pic.twitter.com/33iRkXeeyb When we look back at 2019, blockchain and crypto companies raised a total of $4.5, in all types of financing, including Bitfinex’s $1 billion token issuance. Equity funding accounted for 678 funding rounds, raising a total of $2.7Bn, with participation from 997 accredited investors, according to CrunchBase. What we’re seeing in 2020, is that investments in centralized services are dropping. The competitive landscape for centralized exchanges, custodians, OTC and market makers has reached a level of maturity, investments in these categories are declining. Between 2015 and 2019, annual VC-backed deals and financing into enterprise blockchain–defined as software for enterprise processes excluding holding or trading cryptocurrencies, was dwarfed by funding to cryptocurrency companies. In 2019, cryptocurrency companies received $2.3 billion in VC-backed funding while enterprise blockchain received $434 million. Furthermore, almost half of the funding for enterprise blockchain, around $200 million came from Ripple. While I doubt the future of digital money could come out of a central bank and not a startup, government involvement in cryptocurrencies is set to grow. Central banks in the China, US, Europe and Asia are exploring central bank digital currencies (CBDC). As IEOs have taken a back seat, the recent announcement by the SEC is an interesting development. The SEC raised the limit of the funds a crypto startup can raise through regulated crowdfunding campaigns from $1 to $5 million. Regulated crowdfunding allows startups to make securities offerings without having to register with the SEC. According to the SEC regulations, anyone can participate in this type of campaign. The restrictions will no longer apply to accredited investors, and the amount available to non-accredited investors will be calculated based on their annual income. This lets startups access capital, while ensuring investors still have access to various protections through regulations. The blockchain industry is still at an early stage. Sentiment has always been a strong driver for investments and market. valuations. As bitcoin’s price goes up even more, we will see new interest, new ideas and use cases from new fresh startups, which will only lead to more funding. In the traditional venture capital, investments made in equity are illiquid for 3-10 years, but only those who will risk going too far can possibly find out how far it is possible to go. Advertisement Continue reading below Anticipating an increasingly digital post-coronavirus world, the company describes the service as being “the right move at the right time.” Peninsula Visa Becomes the First US Expeditor to Accept Bitcoin Peninsula Visa, a US-based passport and visa expeditor, now accepts bitcoin for some of the services it offers. According to a press release, the company will allow customers to pay for passport renewals, name changes, and second passports, all with the leading cryptocurrency . Facilitating the bitcoin payments will be Coinbase Commerce. Although the Coinbase payments platform supports alternative cryptocurrencies, there is nothing in either the press release or the products page to suggest Peninsula Visa is accepting payments in non-BTC digital assets. The company, founded in Silicon Valley in the 1970s, says that it’s planning to expand the passport services it offers for bitcoin over the next 12 months. Evan James, its Chief Operating Officer, commented that the move felt right based on predictions of an increasingly digital post-COVID world. He added that Peninsula Visa was thrilled to be the first US company of its kind to accept BTC. Advertisement Protections Against BTC Volatility For many industry observers, bitcoin has been something of a failure as a payments network. Price volatility makes accepting it for goods and services a headache for some companies. Peninsula Visa aims to protect itself from this by providing a payment window in which the exchange rate is locked for ten minutes. Its website details that, depending on BTC price moves, the company may provide a new exchange rate after this time. A US, Not World, First As mentioned, Peninsula Visa is offering the first US passport services for bitcoin payments. However, at least one other nation has experimented with BTC passport payments previously. As BeInCrypto reported in July, Venezuela’s Government also began accepting bitcoin to pay for passports momentarily. Prompting the trial was a fresh slew of US sanctions that hindered the South American nation’s ability to transact internationally. Although bitcoin’s censorship-resistant payments seem appropriate to Venezuela’s situation, the trial appears to have been short-lived. The option to pay in BTC disappeared from the website shortly after appearing.

Pramerica Acquisitions

1 Acquisition

Pramerica acquired 1 company. Their latest acquisition was Dewan Housing Finance - Asset Managers on December 18, 2018.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

12/18/2018

$99M

Acquired Unit

1

Date

12/18/2018

Investment Stage

Companies

Valuation

$99M

Total Funding

Note

Acquired Unit

Sources

1

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