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HCL Tech signs deals with Olympus, apobank

HCL Tech announced the expansion of its tie-up with medtech firm Olympus and signed a $278 million deal with German apoBank

HCL Tech signs deals with Olympus, apobank
[Source photo: Chetan Jha]

HCL Technologies Ltd on Wednesday announced the expansion of its tie-up with medtech firm Olympus to enable advanced and affordable healthcare for patients.

The information technology services firm will leverage its capabilities in engineering and research and development services, along with artificial intelligence (AI)-based solutions, to provide speed and scale to Olympus’ global product development journey, it said in a statement.

HCL Tech will set up a dedicated product innovation center in Hyderabad by next month to serve Olympus’ operations across US, Europe, Middle East and Africa. The company did not share financial details.

“Our collaboration will enhance Olympus’ engineering capabilities and unlock new innovations that enable quality healthcare through technology,” said Andre Roggan, chief technology officer at Olympus.

Hari Sadarahalli, corporate vice-president and head of engineering and R&D services at HCL Tech, said: “HCL Tech is focused on bringing together the best of technology and its people to supercharge progress for its clients. We look forward to deepening our collaboration with Olympus, adding tangible value to its new product development and growth with our expertise in medtech product engineering.”

HCL Tech’s deal with Olympus came a day after the former signed a $278 million deal with Deutsche Apotheker- und Ärztebank eG (apoBank), Germany’s largest cooperative primary bank.

Under an “outcome-oriented managed services model”, HCL Tech will help apoBank deliver fast and secured banking services to its customers, the company said.

“At apoBank, we welcome the expansion of our partnership with HCL Tech. In addition to world-class capabilities in IT infrastructure and cloud managed services, HCL Tech has extensive Avaloq expertise and deep understanding of apoBank. This makes HCL Tech the ideal partner for apoBank. In this respect, it was a logical step to consolidate the IT services with HCL Tech,” said Thomas Runge, chief operating officer and member of executive board at apoBank.

HCL Tech is a strategic partner of Avaloq, a leading provider of banking technology and services, and has substantial expertise with Avaloq’s core banking system.

Sudip Lahiri, executive vice-president and head of financial services for Europe at HCL Tech, said apoBank became an HCL Tech client in 2021 through a partnership in application services.

“The new contract will result in a significant expansion in the relationship. We look forward to working with apoBank to help serve their customers by leveraging our comprehensive portfolio of managed infrastructure and cloud services and our longstanding experience with Avaloq,” Lahiri said.

In FY24, HCL Tech reported an annual revenue of $13.3 billion, up 4% from the $12.76 billion earnings it reported in the previous year.

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