HCL Tech, Finzsoft in pact for financial IT solution

Indian IT company HCL Technologies today expanded its partnership with New Zealand based financial and banking IT solution provider Finzoft to offer uniform product in the segment.

"Both the companies have been working together from quite some time. In May, 2010, we signed a formal agreement to offer financial solutions and today we are extending it to uniform product development," Rajiv Sodhi, senior corporate vice president and chief customer officer, HCL Technologies said.

The agreement signed earlier between the two companies was a teaming agreement which has now been extended to uninform product development.

"The extension of this partnership was important because the demand of financial solution is growing. Together we will be looking for developing global capacity," Andrew Holliday, director, Finzoft Solutions said.

Finzoft offers end-to-end products form financial and banking services. Under the new agreement Finzoft will have some part of its solution from HCL Technologies and latter will integrate and offer services to the customers using Finzoft product suite.

"Finzoft will get revenue from the product licence while HCL Technologies will earn from sale of HCL Technologies components in the product suite, system integration and services," Sodhi added.

The agreement between the two company was signed in presence of New Zealand Prime Minister John Key.