HCL Technologies Secures $278 Million Deal With Germany’s apoBank For 7.5 Years

HCL Technologies Secures $278 Million Deal With Germany’s apoBank For 7.5 Years

HCL Tech will provide outcome-oriented managed services that are designed to be resilient, scalable, high-quality, and compliant.

Oliviya KunjumonUpdated: Tuesday, June 11, 2024, 05:48 PM IST
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HCL | File image

In positive development, IT firm HCL Technologies (HCL Tech) on Tuesday, June 11, through an exchange filing announced that it has signed a deal with Deutsche Apotheker- und Ärztebank eG (‘apoBank’), Germany’s largest cooperative primary bank.

As per the regulatory filings, the company also added that the estimated total contract value of the deal is USD 278 million over a duration of 7.5 years.

Thomas Runge, COO and Member of the Executive Board at apoBank, added, "At apoBank, we welcome the expansion of our partnership with HCL Tech. In addition to world-class capabilities in IT infrastructure and Cloud managed services, HCL Tech has extensive Avaloq expertise and deep understanding of apoBank. This makes HCL Tech the ideal partner for apoBank. In this respect, it was a logical step to consolidate the IT services with HCL Tech."

Details of the partnership

HCL Tech will provide outcome-oriented managed services that are designed to be resilient, scalable, high-quality, and compliant. Moreover, these services will enable apoBank to offer faster and more secure banking services to its customers, added the exchange filings.

Sudip Lahiri, Executive Vice President and Head of Financial Services, Europe at HCL Tech, said, "“apoBank became a HCLTech client 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."

A key aspect of this partnership is HCL Tech is a strategic partner of Avaloq’s core banking system which is a leading provider of banking technology and services.

In 2022, HCL Tech acquired Swiss company Confinale, a specialist in digital banking and wealth management consulting, and an Avaloq implementation partner.

Share performance

The shares of HCL Technologies on Tuesday at 3:30 PM IST closed at Rs 1,428.00, up by 0.65 per cent.

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