Mumbai: IT services company, Tech Mahindra and Netherlands-based Royal KPN on Wednesday announced signing of a five-year contract for development and support of applications for the telecom firm.

KPN and Tech Mahindra have signed a five-year contract for development and support of over 150 applications in the operational IT systems of KPN NetCo segment.

KPN expects to make savings of at least Euro 200 million over the period of this partnership, the statement said.

“We see natural synergies between our two organisations which we believe are critical to build a lasting partnership,” KPN Chief Strategy, Innovation and Technology Officer, Erik Hoving, said in joint statement.

As a second step, KPN and Tech Mahindra will thoroughly explore and determine future projects in the new partnership, it added.

“KPN is a leading player in Netherlands and is in the midst of its accelerated investment strategy which gives Tech Mahindra significant opportunities to use its transformation solutions,” Managing Director of Tech Mahindra, CP Gurnani said.