HCL Technologies’ share price surged nearly 3% in early trading on Wednesday following the announcement of an expanded strategic partnership with Deutsche Apotheker- und Ärztebank eG (apoBank), Germany’s largest cooperative primary bank. HCL Tech shares rose by as much as 2.95%, reaching ₹1,472 per share on the BSE.
HCL Technologies will support apoBank with a managed services model that emphasizes outcomes, delivering resilient, scalable, high-quality, and compliant Digital Foundation services. This will enable apoBank to provide fast and secure banking services to its customers, as stated in a regulatory filing by the company.
Partnership Details
The estimated total contract value of the deal is $278 million over 7.5 years, which translates to an annual contract value of $37 million. apoBank became a client of HCLTech in 2021 through a partnership in application services.
Company Statements
Sudip Lahiri, Executive Vice President and Head of Financial Services, Europe at HCL Technologies, commented, “The new contract will significantly expand our relationship. We look forward to helping apoBank serve their customers by leveraging our comprehensive portfolio of managed infrastructure and cloud services and our extensive experience with Avaloq.”
HCL Tech is a strategic partner of Avaloq, a leading provider of banking technology and services, with strong expertise in Avaloq’s core banking system. In 2022, HCLTech acquired Confinale, a Swiss company specializing in digital banking, wealth management consulting, and Avaloq implementation.
Current Share Performance
As of 9:30 am, HCL Tech shares were trading 1.57% higher at ₹1,452.20 per share on the BSE.
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