HCLTech Inks $278M Deal with Germany's apoBank

13 Jun, 2024

HCLTech Inks $278M Deal with Germany's apoBank

IT services company HCL Technologies (HCLTech) has expanded its partnership with Deutsche Apotheker- und Ärztebank eG (apoBank), Germany's largest cooperative primary bank, in a deal valued at $278 million over 7.5 years. HCLTech will deploy a managed services model to deliver resilient, scalable, high-quality, and compliant digital foundation services for apoBank. This initiative aims to bolster apoBank's capability to offer fast and secure banking services.

HCLTech emphasized its commitment to apoBank, leveraging its expertise in Avaloq and deep understanding of apoBank's operations. Thomas Runge, COO of apoBank, expressed confidence in HCLTech's ability to drive innovation and operational efficiency through the partnership.

This collaboration underscores HCLTech's strategic focus on enhancing digital transformation in the banking sector, utilizing its technological capabilities to meet the evolving demands of financial institutions. The partnership aims to strengthen apoBank's market position and deliver increased value to its stakeholders amidst a dynamic financial services landscape.