Verizon Communications’ Business division has recently announced a strategic partnership with HCLTech, one of India’s largest IT services firms. This collaboration aims to provide managed network services for Verizon Business’ large Fortune 500 customers on a global scale.
Managed network services involve entrusting the management of routers, firewalls, and other network functions to industry experts. By doing so, organizations can free up their internal IT staff to focus on specialized tasks.
HCLTech, which surpassed Wipro last year to become India’s third-largest IT company, will be part of Verizon Business’ Global Enterprise segment. This portion of the business generated an impressive $9.7 billion in revenue last year, accounting for approximately 31% of the total revenue.
Scott Lawrence, the Senior Vice President of Global Solutions at Verizon Business, expressed his excitement about the potential growth opportunities that this partnership brings. He highlighted how managed network services (MNS) plays a crucial role within the Global Enterprise portfolio and presents a significant opportunity for pull-through revenue from other Verizon services and solutions.
As part of the collaboration, Verizon Business will take charge of customer acquisition, sales, and overall planning and development with its customers. On the other hand, HCLTech will lead in post-sale implementation and ongoing support.
This partnership is expected to enhance market share for Verizon Business without incurring additional time and costs associated with building capabilities in-house. The goal is to deliver exceptional managed network services to Verizon Business’ esteemed clients while optimizing efficiency and customer satisfaction.
Verizon stock experienced a 1.2% gain, reaching $33.10 per share by 11:11 p.m. on Thursday.