HCLTech Expands Partnership with German Bank in $278M Deal

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Synopsis:

HCL Technologies secures a $278 million deal spanning 7.5 years with Deutsche Apotheker- und Ärztebank eG (apoBank). The partnership aims to deliver resilient, scalable, and compliant digital services, leveraging HCLTech's expertise in Avaloq and cloud infrastructure.

HCLTech News Today

HCL Technologies (HCLTech) announced an expansion of its partnership with Germany's largest cooperative primary bank, Deutsche Apotheker- und Ärztebank eG (apoBank).

The partnership entails a significant deal valued at $278 million over 7.5 years, as revealed in a regulatory filing.

Explore: Hcl Technologies Share Price

Outcome-Oriented Managed Services Model

HCLTech is set to support apoBank with an outcome-oriented managed services model. This model aims to deliver resilient, scalable, high-quality, and compliant digital foundation services.

These services are crucial in enabling apoBank to provide fast and secure banking services to its customers.

apoBank's Perspective

Thomas Runge, COO of apoBank, expressed excitement about the expanded partnership with HCLTech. He highlighted HCLTech's extensive expertise in Avaloq and understanding of apoBank, making them an ideal partner for apoBank's digital transformation journey.

HCLTech's Commitment

Sudip Lahiri, Executive Vice President and Head of Financial Services, Europe, at HCLTech, emphasised the company's commitment to supporting apoBank.

He mentioned HCLTech's comprehensive portfolio of managed infrastructure and cloud services, as well as its longstanding experience with Avaloq, to enhance apoBank's customer service capabilities.

Continued Growth

This deal signifies the continuation and expansion of the relationship between HCLTech and apoBank. The partnership initially began in 2021 through collaboration in application services.

Now, with this new contract, the relationship is set to deepen, promising further collaboration and innovation in the financial services sector.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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