HCLTech, Germany's apoBank extend ties with $278-million deal

As per a statement by the company, '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'.

New Delhi: IT services company HCL Technologies (HCLTech) on Tuesday said it has expanded partnership with Germany's largest cooperative primary bank Deutsche Apotheker- und Ärztebank eG (apoBank).

The estimated contract value of the deal is $278 million over a duration of 7.5 years, according to 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," a company statement said.

apoBank COO Thomas Runge said HCLTech has extensive Avaloq expertise and deep understanding of apoBank, which makes it an ideal partner.

"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.