Verizon Inks Technology Partnership with HCLTech By CIOtechOutlook Team

Verizon Inks Technology Partnership with HCLTech

CIOtechOutlook Team | Friday, 11 August 2023, 02:36 IST

Verizon, the largest telecom provider in the United States by subscribers, announced later this week that it had reached a technology agreement with India's HCLTech to help manage networks for business clients in an effort to arrest a drop in its landline business.

For some years, Verizon's wireline business, which includes selling to business clients, has been a revenue drain.

Customers want platforms that use artificial intelligence and automation techniques, and Verizon had to decide whether to invest much in modernizing systems or collaborate with a company that offers such services, according to Scott Lawrence, senior vice president at Verizon.

According to the terms of the agreement, Verizon Business will be in charge of sales and development, while HCLTech will be in charge of post-sale network roll-out and maintenance. Some Verizon employees will also be transferred to HCLTech.

According to Lawrence, the collaboration will help to grow existing managed service revenue, recruit new clients, and reduce possible 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.