HCL Technologies has secured a $2.1 billion agreement, with Verizon Business to provide managed network services. This deal is expected to have an impact on revenue for the six years starting from November 2023. The collaboration between HCLTech and Verizon aims to revolutionize the delivery of high-scale wireline services for businesses, across the globe leveraging HCLTechs expertise in Managed Services and Verizon’s strong networking capabilities.
HCL Technologies Ltd, an IT services company, announced on August 10th that it secured a significant contract valued at $2.1 billion from Verizon Business for managed network services.
In a regulatory filing, HCLTech stated its anticipation of a positive revenue impact over the next six years, commencing in November 2023. This deal encompasses an estimated total contract value of $2.1 billion during the agreed term.
Verizon Business has chosen HCLTech as its primary partner for Managed Network Services (MNS) across global enterprise networking deployments. This strategic collaboration merges Verizon’s networking strength, solution capabilities, and scale with HCLTech’s renowned Managed Service proficiency. Together, they aim to revolutionize large-scale wireline service delivery for enterprise customers.
While Verizon Business will continue to oversee customer acquisition, sales, solutions, planning, and development, HCLTech will assume responsibility for post-sale implementation and ongoing support.
To seamlessly manage these responsibilities on an enterprise level, a selected subset of Verizon Business Global Customer Operations staff will transition to HCLTech.
Kyle Malady, CEO of Verizon Business, emphasized HCLTech’s esteemed position in Managed Network Services, expressing confidence in their ability to enhance service delivery and focus on integrating next-generation technology into customer operations.
The partnership promises customers a superior Managed Network Services portfolio, featuring a digitized experience with data-centric service models, streamlined efficiency and lifecycle management through an intuitive interface, an expansive end-to-end partner ecosystem, and collaborative innovation on an integrated platform.
C Vijayakumar, CEO and managing director of HCLTech, voiced pride in this collaboration, highlighting the central role of Managed Network Services in their business. He looks forward to working with Verizon Business to spearhead MNS initiatives across network deployments, modernization, and private enterprise operations.
At the end of trading, shares of HCL Technologies Ltd closed at Rs 1,136.00, reflecting a decrease of Rs 7.35 or 0.64 percent on the BSE.
