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.

“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.

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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.

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.

“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.