Noida, Aug 13 (IANS): Global IT services company HCL Technologies on Thursday said it has been selected as the strategic IT partner to Australian information services company SAI Global for a period of five years.

Under the terms of the agreement, the Indian IT services company will provide SAI Global with IT managed application services and projects across the globe which is expected to save around $27 million for the Australian firm.

The new contract is expected to help the risk management firm reduce support costs and shorten new implementation times.

"Overall, we expect the outcome to be higher organic revenue growth and increased operating margins in the fiscal year 2016 and beyond," SAI Global CEO Peter Mullins said in a statement.

The contract was awarded following a competitive tender evaluation.

"Winning this contract demonstrates our reputation for innovation, commitment, and strong global delivery capabilities," said HCL Technologies APMEA-India president and senior vice president, strategic engagements, Sanjeev Nikore.