HCLTech: HCLTech renews deal with German cooperative apoBank for $278 million

Share via:


HCLTech, India’s third largest IT services company, on Tuesday expanded its deal to sign $278 million (around Rs 2,300 crore) deal with Germany’s largest cooperative primary bank Deutsche Apotheker- und Ärztebank eG (apoBank).“We would like to inform that the estimated total contract value of the deal is USD 278 million over a duration of 7.5 years,” HCLTech said in a regulatory filing.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College Course Website
Indian School of Business ISB Product Management Visit
IIT Delhi Certificate Programme in Data Science & Machine Learning Visit
MIT xPRO MIT Technology Leadership and Innovation Visit

“HCLTech will accompany apoBank with an outcome-oriented managed services model that delivers resilient, scalable, high quality and compliant Digital Foundation services, enabling apoBank to deliver fast and secured banking services to its customers,” the filing said.

Both apoBank and HCLTech first joined hands in 2021 through a partnership in application services.

“The new contract will result in a significant expansion in the relationship. We look forward to working with apoBank to help them serve their customers by leveraging our comprehensive portfolio of managed infrastructure and cloud services and our longstanding experience with Avaloq,” said Sudip Lahiri, executive vice president and head of financial services, Europe at HCLTech.

“In addition to world-class capabilities in IT infrastructure and cloud managed services, HCLTech has extensive Avaloq expertise and deep understanding of apoBank…In this respect, it was a logical step to consolidate the IT services with HCLTech,” said Thomas Runge, COO and Member of Executive Board, apoBank.

Discover the stories of your interest


Avaloq is a Swiss company that develops and provides the Avaloq Banking Suite software for core banking. In 2022, HCLTech acquired Swiss company Confinale, a digital banking and wealth management consulting specialist and Avaloq implementation partner.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

HCLTech: HCLTech renews deal with German cooperative apoBank for $278 million


HCLTech, India’s third largest IT services company, on Tuesday expanded its deal to sign $278 million (around Rs 2,300 crore) deal with Germany’s largest cooperative primary bank Deutsche Apotheker- und Ärztebank eG (apoBank).“We would like to inform that the estimated total contract value of the deal is USD 278 million over a duration of 7.5 years,” HCLTech said in a regulatory filing.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College Course Website
Indian School of Business ISB Product Management Visit
IIT Delhi Certificate Programme in Data Science & Machine Learning Visit
MIT xPRO MIT Technology Leadership and Innovation Visit

“HCLTech will accompany apoBank with an outcome-oriented managed services model that delivers resilient, scalable, high quality and compliant Digital Foundation services, enabling apoBank to deliver fast and secured banking services to its customers,” the filing said.

Both apoBank and HCLTech first joined hands in 2021 through a partnership in application services.

“The new contract will result in a significant expansion in the relationship. We look forward to working with apoBank to help them serve their customers by leveraging our comprehensive portfolio of managed infrastructure and cloud services and our longstanding experience with Avaloq,” said Sudip Lahiri, executive vice president and head of financial services, Europe at HCLTech.

“In addition to world-class capabilities in IT infrastructure and cloud managed services, HCLTech has extensive Avaloq expertise and deep understanding of apoBank…In this respect, it was a logical step to consolidate the IT services with HCLTech,” said Thomas Runge, COO and Member of Executive Board, apoBank.

Discover the stories of your interest


Avaloq is a Swiss company that develops and provides the Avaloq Banking Suite software for core banking. In 2022, HCLTech acquired Swiss company Confinale, a digital banking and wealth management consulting specialist and Avaloq implementation partner.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

OpenAI reportedly developing new strategies to deal with AI...

OpenAI’s next flagship model might not represent as...

Ola Electric Hits A Bottleneck

SUMMARY Even with service complaints stacking up, Ola Electric...

FTX bankruptcy estate sues Anthony Scaramucci, FWD.us, others

Bankrupt cryptocurrency company FTX filed 23 lawsuits Friday...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!