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Indian HCL Technologies & European Tele 2 tie up to tap market opt for Internet of Things solutions in continent

Indian HCL Technologies & European Tele 2 tie up to tap market opt for Internet of Things solutions in continent

NEW DELHI: India’s leading software services player HCL Technologies has tied up with European telecom firm Tele 2 to tap market opportunities for Machine-to-Machine and Internet of Things solutions in the continent.

By focusing on the healthcare segment in Europe, the two companies will jointly address one of the fastest growing areas of the M2M and IoT market, HCL Technologies said in a statement.

The companies, however, did not disclose the estimated size of the market opportunity.

HCL and Tele2 will work together to reduce transactional and operational costs for their partners, whilst tapping into the lucrative revenue opportunities that exist within the European market, it added.

HCL Technologies rose 1.6% to Rs 2,068.45 at 15:25 IST on BSE after the company and Tele 2 announced a strategic partnership, to address the substantial market opportunities for Machine-to-Machine and Internet of Things solutions in Europe.

The announcement was made during market hours today, 5 March 2015. Meanwhile, the BSE Sensex was up 78.29 points, or 0.27%, to 29,459.02. On BSE, so far 66,205 shares were traded in the counter, compared with an average volume of 66,022 shares in the past one quarter.

Shares of IT firm hit a high of Rs 2,075, also a record high for the stock. The stock hit a low of Rs 2,037 so far during the day. The stock hit a 52-week low of Rs 1,257 on 19 May 2014.

The large-cap stock has an equity capital of Rs 140.54 crore. Face value per share is Rs 2.

HCL Technologies and Tele 2, one of the leading European telecommunications operators announced a strategic partnership, to address the substantial market opportunities for Machine-to-Machine (M2M) and Internet of Things (IoT) solutions in Europe. By focusing on healthcare segment in Europe, the two companies will jointly address one of the fastest growing areas of the M2M/IoT market. HCL will be responsible for the implementation, integration, roll out and ongoing support of M2M/IoT solutions, in addition to device connectivity through its flagship Device Gateway product-