HCL Technologies Wins GTR’s 2025 Deal of the Year Award

Global Trade Review’s GTR Best Deals 2025: The winners

We are thrilled to announce that Jonathan Handen, Vice President, Atradius Credit Specialties, and Michael Kraemer, Senior Underwriter, Atradius Credit Specialties, are responsible for a deal with HCL Technologies that is being recognized with the prestigious GTR Deal of the Year award for 2025. This recognition underscores the innovative and collaborative efforts behind the HCL products business long-tenor portfolio purchase, a landmark deal in SaaS trade finance.

The deal, which involved a US$52 million receivables discounting facility extended by Citi to HCL Technologies, marks the first time a bank has provided such a facility for SaaS trade. This achievement was made possible through the combined efforts of Citi, WTW (Willis), and Atradius. The teams worked together to create a tailored nonpayment solution that facilitated financing for a large portfolio of counterparties with extended tenors.

Jon Handen commented on the challenges and innovative approaches involved in the deal: “The opportunity involved a sophisticated structure that necessitated a tailored nonpayment solution to facilitate financing of a large portfolio of counterparties with extended tenors in support of trade in technology services. As we considered the elements necessary to facilitate the cover for our client, we formed a transaction team comprised of members with subject-matter expertise to perform the due diligence, underwriting, and assessment. A unique aspect of the deal included direct engagement with the supplier to understand the characteristics of the commercial agreements and examine their approach to risk mitigation as a basis for constructing policy language which satisfied all parties”.

Robbert Bozelie, Atradius Credit Specialties Director, added: “Very proud of recognition and the teamwork demonstrated by the customer, broker and Atradius internally. Next to Jon and Michael, also special thanks to Franca Howells and Maxim Tew from Analysts-Credit Specialties for their support of the transaction and buyer analysis. I am looking forward building on this collective success”.

The collaboration between the stakeholders was key to delivering a successful solution. Willis played a pivotal role in coordinating the exchange between parties, providing clarity on expectations and facilitating transparent communication. Through its partnership with Citibank, HCL Technologies gained efficiencies in working capital, positioning them optimally to generate further commercial opportunities and deliver extended tenor software services to their customers. Citibank successfully distributed the risk via the nonpayment insurance solution provided by Atradius, tailored to meet their requirements.

Jon Handen further added, “We evaluated the unique characteristics of the subscription-based transaction, including recognition of the receivable, enforceability, and the supplier’s leverage while delivering services over a protracted risk horizon. Structural protections available in the commercial and financing agreements were incorporated into the insurance contract, mitigating potential risks and enabling Atradius to deliver full underwriting capacity”.

Atradius’ expertise in trade credit insurance was crucial in the success of this deal. By providing a tailored nonpayment insurance solution, Atradius enabled Citibank to distribute risk effectively, ensuring the financial stability of the transaction. This innovative approach underscores Atradius’ commitment to delivering customized solutions that meet the unique needs of its clients and support their strategic goals.

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