HCLTech Renews Contract with apoBank For USD 278 Million By CIOTechOutlook Team

HCLTech Renews Contract with apoBank For USD 278 Million

CIOTechOutlook Team | Wednesday, 12 June 2024, 02:21 IST

HCLTech, India's third largest IT services business, has signed a $278 million (about Rs 2,300 crore) deal with Germany's leading cooperative primary bank, Deutsche Apotheker- und Ärztebank eG.

“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.

In 2021, apoBank and HCLTech formed a cooperation 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.