HCL Technologies said that it has signed a managed services agreement with Xerox. Under the terms of the agreement, HCL will manage portions of Xerox's shared services, including global administrative and support functions, including, among others, selected information technology and finance functions (excluding accounting).
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. As part of the agreement, a group of Xerox employees will transfer to HCL.
Under that agreement, HCL currently manages aspects of Xerox's mechanical, electrical and software engineering activities for printer and imaging product lines. Together, HCL and Xerox have delivered 215 U.S. patents and have created world-class R&D labs that are tightly integrated with Xerox infrastructure and standards.
“This expanded partnership is a testament to the strong Xerox-HCL relationship that has grown through multiple collaborations over the past 10 years,” said C Vijayakumar, President and Chief Executive Officer, HCL Technologies. “This is a win-win agreement. 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.”
“The evolution of our shared services represents our culture of continuous improvement and allows us to more efficiently address customer needs while delivering significant cost savings to reinvest in the business,” said Steve Bandrowczak, President and Chief Operations Officer, Xerox. “We selected HCL as our partner for this strategic initiative due to our successful track record together thus far and our shared values.”
