HCLTech Extends Ties With Germany's apoBank In $278-Million Deal

HCLTech Ltd. has expanded its partnership with Germany's largest cooperative primary bank Deutsche Apotheker- und Ärztebank eG (apoBank) for an estimated contract value of $278 million over a duration of seven and a half years.

"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 IT services company said in an exchange filing.

apoBank Chief Operating Officer Thomas Runge said HCLTech has extensive Avaloq expertise and deep understanding of apoBank, which makes it an ideal partner. The lender first partnered with HCLTech in 2021.

"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.

The IT major is a strategic partner of Avaloq, a leading provider of banking technology and services, and has strong expertise with Avaloq’s core banking system. Two years ago, HCLTech acquired Swiss company Confinale, a digital banking and wealth management consulting specialist and Avaloq implementation partner.

(With inputs from PTI)