Verizon signs technology Agreement with HCLTech

Aug 10 (Reuters) - Verizon (VZ.N), the No. 1 U.S. telecom company by subscribers, said on Thursday it had signed a technology deal with India's HCLTech (HCLT.NS) to help manage networks for business customers in a bid to stem a decline in its wireline business.

Verizon signs technology Agreement with HCLTech

On August 10th, Reuters reported that Verizon, the leading telecommunications company in the United States in terms of subscribers, has officially entered into a technology-  concentrated agreement with HCL Technologies, an Indian  transnational IT services and consulting company. The purpose of this collaboration is to effectively manage networks for Verizon's business  guests, aiming to  offset a decline in its wireline business member.   Verizon's wireline business, encompassing its services for business clientele, has been  plying a negative influence on the company's overall  profit for a number of times. To address this challenge, Verizon  honored the demand from  guests for platforms integrating artificial intelligence and  robotization  ways. The company faced a strategic decision between investing significant  coffers in catching its being systems or partnering with an  reality that  formerly possesses  similar advanced services.   Scott Lawrence, Senior Vice President at Verizon, developed in an interview that, given these circumstances, the technology deal with HCLTech was forged. According to the terms of the agreement, Verizon Business will forefront deals and development  sweats, while HCLTech will assume responsibility for thepost-sale network rollout and ongoing support. also, a portion of Verizon  workers will transition to HCLTech as part of this  cooperation.   The collaboration's primary  objects include boosting the growth of the being managed service business, attracting new  guests, and  mollifying the  threat of  client  waste. Lawrence emphasized that the  cooperation is anticipated to  induce value beginning by the end of the current time and extending through 2024, 2025, and beyond.   This strategic move showcases Verizon's  visionary approach to  conforming to changing  request demands and  using the  moxie of a technology  mate like HCLTech to enhance its immolations and better serve its business  guests. The implicit benefits include  bettered network  operation, enhanced  customer satisfaction, and increased  profit aqueducts,  situating Verizon for a more promising line in the times to come.   Reported by Supantha Mukherjee in Stockholm, the news piece was edited by Mark Potter.