HCL Tech gets $1.3 billion renewal deal from Xerox

HCL Technologies has now signed a new contract with the Xerox Corp which is worth Rs 8982 crore.

Under this seven-year agreement, HCL said it will now manage, Xerox support and global administrative functions as well as the information technology and finance functions. The relationship between the Xerox-HCL began in 2009 with the support and product engineering services.

As of now, both the companies have delivered 215 US patents and have created R&D labs.

“This is a win-win agreement. Xerox will benefit from our global scale, best-in-class processes and investments in artificial intelligence (AI), robotic process automation (RPA) and transformation tools, and HCL will benefit from a long-term agreement to provide product support and administrative services to Xerox,” said C Vijayakumar, president and chief executive officer of HCL Technologies.

HCL has been one of the biggest acquires among India information technology services companies. It has already overtaken dozens of companies since 2005, according to the report. HCL had recently signed the most significant acquisition by an Indian information technology company in December last year when it agreed to buy a select software business from the IBM Corp for #$2 Billion.