HCLTech Expands Partnership with Germany’s apoBank in $278 Million Deal

First Image Source: Freepik.com

HCL Technologies (HCLTech) announced on Tuesday an expansion of its partnership with Deutsche Apotheker- und Ärztebank eG (apoBank), Germany’s largest cooperative primary bank.

The new contract, valued at $278 million, spans 7.5 years, according to a regulatory filing.

Expanding Managed Services

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

According to HCLTech, this model will enable apoBank to offer fast and secure banking services to its customers. “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,” a company statement said.

Expert Partnership

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

“At apoBank, we welcome the expansion of our partnership with HCLTech. In addition to world-class capabilities in IT infrastructure and cloud-managed services, HCLTech has extensive Avaloq expertise and deep understanding of apoBank. This makes HCLTech the ideal partner for apoBank,” said Runge.

Growing Relationship

HCLTech and apoBank first partnered in 2021 in application services. This new contract signifies a significant expansion in their relationship, further strengthening their collaboration.

“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, HCLTech.