HCL Technologies (HCLTECH), a $4.8 billion global IT services provider, announced Wednesday that is has signed a partnership with CSC (CSC), a $13.5 billion provider of IT services and solutions.

A Wednesday release said the partnership will spawn an Applications Modernization delivery network that will help large companies such as banks shift to cloud computing, lowering risk and costs.

The two partners will start with the banking and financial services industry, for which they will create a Banking Center of Excellence. The Center will focus on CSC's Core Banking Solutions and the Alternative Banking Solutions.

The two companies hope to deliver services that will enable customers to achieve greater operational agility, significant reductions to operations costs and an ability to integrate next-generation and legacy technologies. HCL will also begin to sell CSC's flexible private cloud infrastructure, BizCloud.

"Enterprises today view digitalization as a route to business model transformation," HCL Technologies president and chief executive Anant Gupta said in the release. "Organizations have not been able to accrue the potential benefits from digitalization, as they are shackled by legacy technologies."