HCLTech has secured a $1.14 billion deal from a European company, marking a significant win for India’s third-largest IT services firm at a time when the industry is navigating subdued client spending and weak discretionary demand.
The client, identified as a Fortune Global 50 company, has not been named. Under the contract, HCLTech will help design and implement an AI-driven operating model to transform and manage the client’s global digital workplace and enterprise network infrastructure.
The agreement spans five years until December 2031 and includes an option for a further five-year extension. The company said the deal is expected to generate annual revenue of approximately $230 million.
Following the announcement, HCLTech shares rose 4.3 per cent to ₹1,123 in morning trade on the BSE, reflecting strong investor sentiment around large deal wins.
Mega contracts of this scale have become relatively rare in the IT services sector, as global clients continue to reduce spending on traditional technology services while shifting investments towards artificial intelligence-led transformation.
HCLTech has been actively expanding its capabilities through acquisitions, including deals worth around $400 million completed in December. The company has also acquired Jaspersoft from Cloud Software Group and invested in sovereign AI startup Sarvam, strengthening its focus on emerging technologies.
The deal comes shortly after Persistent Systems announced a $650 million contract with a US-based technology company, indicating a gradual revival in large-scale outsourcing agreements focused on cloud services, product engineering and AI-led transformation.
