Verizon, HCLTech sign technology deal to manage networks for business customers

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Verizon, HCLTech sign technology deal to manage networks for business customers
Verizon, HCLTech sign technology deal to manage networks for business customers

While HCLTech will take care of post-sale network roll-out and support, Verizon Business will lead sales and development, as per the terms of the technology deal

A technology deal has been signed by Verizon, the No. 1 U.S. telecom company, with India’s HCLTech to help manage networks for business customers in a bid to stem a decline in its wireline business.

For several years, Verizon’s wireline business, which includes selling to business customers, has been a drag on its revenue.

Verizon had to decide whether to invest significantly in upgrading systems or partner with a company that has such services as customers are looking for platforms that use artificial intelligence and automation techniques, said Scott Lawrence, senior vice president at Verizon.

While HCLTech will take care of post-sale network roll-out and support, Verizon Business will lead sales and development, as per the terms of the technology deal. Some Verizon employees will also move to HCLTech.

Lawrence said that the partnership will help to grow the existing managed service business, add new clients, and reduce potential churn.

“We are going to start unlocking value as early as the end of this year and certainly into 2024, 2025 and beyond,” he said.

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