HCL Technologies selected by Skandia UK for $200m deal

HCL Technologies Ltd on December 20, 2006 has announced a $200 million, multi-service, five-year contract with Skandia UK, a leading independent provider of long-term savings solutions.

As part of the deal, Skandia UK will outsource application optimization, including development, maintenance and support (across all platforms) and remote infrastructure management to the Company. Skandia UK will retain all customer-facing activities.

The Company will enable and accelerate Skandia UK's move to a Service Orientated Architecture (SOA) as part of an initiative to make Skandia UK's IT landscape a world class, agile infrastructure that will make the savings provider more competitive. The new architecture will deliver productivity improvements and gains guided by an extensive service level agreement (SLA) and periodic external benchmarking.

250 Skandia UK roles will be transferred to the Company and the Company will work with this team to ensure a smooth transition. This will be augmented by one of the Company's leading offshore insurance industry delivery centres based in Chennai.

Stuart Drew, Senior Vice President, of the Company explains: "This is another watershed deal for HCL in UK financial services. This Managed Services deal was won against a shortlist of Western multi-nationals and demonstrates our domain expertise, flexibility and innovative, value-centric approach to enabling transformation for our customers. As two Companies leading their respective fields the chemistry between HCL and Skandia UK has been remarkable and provides a solid foundation for helping Skandia UK maintain their market leadership position."

Vineet Nayar, President, of the Company commented on the deal, "This deal is the latest in a series of large-scale wins for HCL. Like DSG international, Autodesk and Teradyne before it, this contract with Skandia UK demonstrates our premise of delivering significant value-add transformational deals.

"Our focus on these multi-service, value-centric arrangements remains consistent and we are very pleased to count Skandia UK amongst our top customers."

Source : Equity Bulls

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