IT and outsourcing major HCL Technologies said it has agreed with South Korean software maker Hancom to help each other to expand in different markets.
As a part of the deal, Hancom with help HCL Tech expand into the South Korean market, while HCL Tech will help the South Korean company expand in countries such as India, the Middle East, Taiwan, Vietnam and Bangladesh.
“South Korea is a key strategic market for HCL, and this engagement with HANCOM will further help us grow and establish ourselves in the region,” said Sanjay Gupta, Corporate Vice President, HCL Technologies.
Hancom is famous for its office software, such as word processors and spreadsheets, in Korea.
“We are thrilled HCL chose HANCOM as its strategic partner for the Korean market,” said Daeki Kim, Chief Operating Officer, HANCOM.
“HCL’s modern applications and architecture principles will allow us to scale our products to make them more suitable for enterprise customers in the global market and ultimately achieve global aspirations with our products. HANCOM will continue to support HCL in its endeavor to scale its growth in the South Korean market.”
The two companies will also share advanced software technology solutions and establish a mutual bridgehead for overseas expansion, the Noida-based, Indian company said.
“HCL will support training for software development at HANCOM’s R&D center in India, which was established in 2016. HCL will also share its development studio and provide HR support to meet demand and development capacity at the R&D center. In addition, it will promote technological cooperation to strengthen HANCOM products’ global competitiveness,” it added.
HCL is one of the top five IT and outsourcing companies in India and employs over 175,000 people in 50 countries and generates annual sales of $10.5 billion.
Indian companies have not had as much success in East Asian markets, such as Korea and Japan, as they have had in the US and Europe.