HCLTech gets $278 million contract from apoBank

12 Jun 2024 , 12:43 PM

HCLTech Ltd, India’s third-largest IT firm, announced a deal worth $278 million from Germany’s largest cooperative primary bank, Deutsche Apotheker-und Ärztebank eG (apoBank).

The agreement aims to establish an outcome-oriented managed services model to provide resilient, scalable, high-quality, and compliant digital foundation services for apoBank.

Thomas Runge, COO and Member of the Executive Board of apoBank, expressed satisfaction with the expanded partnership with HCLTech, emphasizing HCLTech’s expertise in IT infrastructure, cloud-managed services, and Avaloq.

HCLTech and apoBank initiated their partnership in 2021 in application services, and this new contract marks a significant expansion in their relationship.

Sudip Lahiri, Executive Vice President and Head of Financial Services, Europe, HCLTech, highlighted their commitment to supporting apoBank in serving its customers through managed infrastructure and cloud services, leveraging their extensive experience with Avaloq.

At the time of writing, shares of HCL Technologies Ltd were trading at ₹1440 which is a 0.81% gain than the previous close. The stock has gained a total of 26% in the last one year, and 2% dip since the beginning of the year.

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