HCL Tech bags digital transformation deal from ODP Corp

HCL Technologies rose 1.04% to Rs 1,043.55 after the US-based ODP Corporation ("ODP") selected the company as its primary IT partner.

HCL Tech will be the IT partner for ODP for end-to-end IT operations and enterprise-wide digital transformation to support ODP's business strategy in its Office Depot, ODP Business Solutions and Veyer business units.

As part of this agreement, HCL Tech will leverage its automation and artificial intelligence (AI) capabilities to enable efficient IT operations with personalized and intuitive IT services. ODP will also benefit from HCL Tech's vast experience in application modernization and operating model transformation to further evolve as an agile, product-centric IT organization.

"Consistent with our low-cost business model approach and new four business unit structure, we're excited to partner with HCL Tech, a world-class IT organization, to support our evolving IT needs and priorities," said Gerry Smith, chief executive officer for ODP Corporation. "HCL Tech's extensive IT expertise provides greater agility and differentiated IT capabilities to help accelerate our transformation and positions us to expand services to our customers, today and in the future."

"The infusion of HCL Tech's digital transformation and IT modernization expertise into The ODP Corporation's robust operations will create a stronger and more flexible foundation for ODP amid constant technological advances and shifting consumer demands and expectations," said C Vijayakumar, chief executive officer & managing director, HCL Tech. "We're excited to supercharge progress for ODP as they evolve their IT capabilities and services and look forward to setting new industry benchmarks in terms of operational and customer experiences."

HCL Technologies is primarily engaged in providing a range of IT and business services, engineering and R&D services and products & platforms.

The company's consolidated net profit rose 7.1% to Rs 3,489 crore on 19.5% jump in net sales to Rs 24,686 crore in Q2 FY23 over Q2 FY22.

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