Hitachi Ltd has entered into a partnership with Virtusa Corporation, a global leader in providing digital strategy, digital engineering and IT outsourcing services, in order to capitalise on the rapidly growing adoption of artificial intelligence (AI) in the financial services.
The agreement between the two companies to collaborate on these digital solutions was inked in April this year.
As part of the partnership, the two companies have set up a dedicated joint team that will develop new AI-based solutions that integrate advanced digital technology and leading research and development (R&D) capabilities of Hitachi with Virtusa’s digital engineering expertise and deep financial services industry knowledge.
The two companies plan to introduce the first jointly created AI solutions to financial services companies in the US by early next year.
Hitachi and Virtusa will combinedly market the new AI solutions to existing as well as new customers. in addition, both companies will partner for activities such as sales, delivery and maintenance.
Accelerate global expansion of digital solutions
Commenting on the development, Tsugio Yamamoto, Vice President and Executive Officer, Hitachi, said, “The establishment of a new joint team in Silicon Valley will accelerate the global expansion of digital solutions, taking advantage of both companies’ strengths. Hitachi will accelerate the expansion of our solution menu working together with Virtusa, as well as the enhancement of global delivery capabilities.”
Kris Canekeratne, Chairman and CEO, Virtusa, said, “AI is an imperative for our clients to gain a competitive advantage. Financial services organisations have a significant opportunity to leverage and deploy AI to gain significant competitive advantage. With this partnership and through our deep digital capabilities, we can help more clients benefit from AI faster.”
Hitachi and Virtusa have first entered into a strategic partnership in 2016 in the global IT solution domain. The newly signed partnership begins with the joint development of AI solutions for financial services.