HCL Tech to provide support services to Xerox

The company has entered a shared service arrangement to provide global admin and support function to Xerox Corporation.

HCL Technologies Limited (HCL) is entitled to revenue of US$1.3 billion over the period of seven years from the transaction, which is subject to European works council's regulations. Xerox will be outsourcing part of its global administrative and support services including IT and some finance functions.

The company will be making ongoing investments in software and other technologies to optimize and improve service to enable significant cost savings to Xerox.

Earlier, last week, HCL had announced the acquisition of a digital transformation consulting company Strong-Bridge Envision (SBE) which will merged with HCL’s Digital and Analytics business segment. This segment focuses on integrating Digital & Analytics, Cloud Native Services, Cybersecurity & GRC services and IoT WoRKS.

In early morning trade on Tuesday, the stock of HCL Technologies was trading at Rs. 1,021.20 per share, up by 0.85 per cent. The stocks 52-week high is at Rs. 1,124.50 per share and 52-week low is Rs. 880.00 on BSE. Meanwhile, NiftyIT was at 15,416.05, up by 0.37 per cent.