HCL Technologies Ltd. announced on Monday a strategic partnership to set up a technological centre in Hyderabad in collaboration with American financial services corporation Western Union Co. to harness talent and provide incubation for innovation.
"Western Union will harness HCLTech's cutting-edge digital, cloud and AI solutions to enhance platform and channel capabilities, delivering seamless and innovative customer experiences," the company said in an exchange filing. "HCLTech will support data-driven decision-making and increased resilience through enterprise-wide infrastructure transformation."
The partnership will also see HCLTech provide Western Union with AI-powered solutions, Fenix.AI and AI Force to accelerate the company's transition to a platform-centric operating model, the filing stated.
Western Union Chief Executive Officer Devin McGranahan termed the collaboration a "testament to their shared vision", aiming to deliver exceptional value to customers. "HCLTech's expertise will help us fulfill our mission to make world-class financial services accessible to people everywhere."
HCLTech CEO C Vijayakumar said the partnership emphasised the company's focus on "empowering fintech companies through digital engineering led transformation and creating exceptional value for their stakeholders". "We remain deeply committed to Western Union's growth journey through innovative solutions that deliver real business outcomes."
Shares of HCLTech closed 2.39% at Rs 1,604.15 apiece on the NSE, compared to a 1.32% advance in the benchmark Nifty. The share price has risen 2.89% in the last 12 months, but dipped 16.41% on a year-to-date basis.
Nineteen out of the 45 analysts tracking the company have a 'buy' rating on the stock, 16 recommend 'hold' and 10 suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 17.4%.
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