Noida, India – 4th December 2018 – HCL Technologies (HCL), a leading technology company has announced an expansion of its strategic relationship with Barclays. In addition to HCL being named as Barclays’ preferred partner for IT infrastructure services, the two companies will commit to building the partnership globally, with particular opportunities regarding digital workplace services.
HCL will leverage its significant investments in AI and automation, including its award-winning automation platform DryICE™, to transform the user experience for more than 80,000 Barclays employees across 26 countries. HCL will also be providing mainframe services to Barclays.
As part of the deal, it is intended that approximately 460 Barclays employees in its Operations Center in Lithuania will transfer to HCL, which promises to start a new era of technology centers in Lithuania. The agreement with HCL forms the basis of the Barclays’ decision to conclude its operations in Lithuania, with remaining employees being offered redundancy.
The contract between HCL and Barclays is yet to be executed pending banking regulatory notification;, both companies hope to conclude the deal during the first quarter of 2019.
Rahul Singh, President of Financial Services at HCL Technologies, commented: “Our partnership with Barclays is a significant endorsement of HCL’s digital workplace and automation capabilities. We already employ more than 10,000 people in Europe, serving over 200 European clients. This new agreement will see HCL deliver transformational services to both Barclays and other major clients from Lithuania. Many well-known brands have already established their centers in Lithuania and we see good potential here due to the attractive investment climate and specialist talent. We will leverage these with our unique Mode 1-2-3 strategy to enable clients to reimagine their businesses for the digital age.”
Global decision to optimize operations
Mariano Andrade Gonzalez, the Head of BGOL, commented: “We were the first foreign company to establish its service center in Lithuania, leading to other large foreign companies basing themselves here. We are proud to have been a key part of the rise of the IT and service sector, including complex operations management.
“While aiming to achieve the highest quality of business and services, we continuously review our operations in accordance with the long-term global strategy of Barclays. As one of the steps towards the implementation of this strategy, a decision has been made to optimize operations, meaning a number of roles could transfer to HCL Technologies, with whom we have worked closely for a few years.
“We chose HCL Technologies because we know the company well, we trust it and, together with our people, it shares our values, culture and ways of working.”
Gonzalez praises Lithuania
M. Andrade Gonzalez also claims that even though today the role of Barclays in Lithuania is coming to an end, the company leaves its legacy.
“We are grateful to Lithuania for its hospitality, its talented specialists and a well-developed infrastructure, and we believe that we have done great things together, both in regard to business and in relation to the promotion of the country. We have always been, and will continue to be, ambassadors of Lithuania worldwide and will recommend Lithuania to our partners and foreign investors.”
About Barclays Operation Center in Lithuania
Barclays Group Operations Center, established in 2009, is part of the international Barclays financial services group, which provides personal, business and investment banking and asset and investment management services in over 40 countries. The center in Lithuania provides technological solutions and a broad spectrum of IT and human resource management to the company’s branches all over the world.
About HCL Technologies
HCL Technologies (HCL) is a leading global technology company that helps global enterprises re–imagine and transform their businesses through Digital technology transformation. HCL operates out of 43 countries and has consolidated revenues of US$ 8.2 billion, for 12 Months ended 30th September, 2018. HCL focuses on providing an integrated portfolio of services underlined by its Mode 1–2–3 growth strategy. Mode 1 encompasses the core services in the areas of Applications, Infrastructure, BPO and Engineering & R&D services, leveraging DRYiCETM Autonomics to transform clients' business and IT landscape, making them 'lean' and 'agile'. Mode 2 focuses on experience–centric and outcome–oriented integrated offerings of Digital & Analytics, IoT WoRKS™, Cloud Native Services and Cybersecurity & GRC services to drive business outcomes and enable enterprise digitalization. Mode 3 strategy is ecosystem–driven, creating innovative IP–partnerships to build products and platforms business. HCL leverages its global network of integrated co-innovation labs and global delivery capabilities to provide holistic multi–service delivery in key industry verticals including Financial Services, Manufacturing, Telecommunications, Media, Publishing, Entertainment, Retail & CPG, Life Sciences & Healthcare, Oil & Gas, Energy & Utilities, Travel, Transportation & Logistics and Government. With 127,875 professionals from diverse nationalities, HCL focuses on creating real value for customers by taking 'Relationships Beyond the Contract'. For more information, please visit www.hcltech.com
Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the statements containing the words 'planned', 'expects', 'believes’,’ strategy', 'opportunity', 'anticipates', 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, business process outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost-effective and timely manner, time and cost overruns on fixed-price, fixed-timeframe contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies /entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward-looking statements made herein will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward-looking statements made herein are based on information presently available to the Management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
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