New Delhi: Indian IT company HCL Technologies announced on Tuesday that it has signed a managed services agreement with Xerox worth $1.3 billion over multiple years.
"This seven-year agreement for an incremental $1.3 billion continues to build on the success of the Xerox-HCL relationship, which began in 2009 with product engineering and support services," HCL Tech said in a statement.
HCL Tech will manage portions of Xerox's shared services, including global administrative and support functions, including selected information technology and finance functions (excluding accounting), it added.
The IT firm currently manages aspects of Xerox's mechanical, electrical and software engineering activities for printer and imaging product lines.
Together, the two companies have delivered 215 US patents and have created research and development (R&D) labs that are tightly integrated with Xerox infrastructure and standards.
"Xerox will benefit from our global scale, best-in-class processes and investments in artificial intelligence, robotic process automation and transformation tools, and HCL will benefit from a long-term agreement to provide product support and administrative services to Xerox," HCL Technologies President and Chief Executive Officer C Vijayakumar said.
As part of the agreement, a group of Xerox employees will transfer to HCL (subject to statutory compliances), the statement said but did not divulge specific numbers.
Xerox President and Chief Operations Officer Steve Bandrowczak said, "We selected HCL as our partner for this strategic initiative due to our successful track record together thus far and our shared values".