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Technology Outsourcing Agreement Worth $1.2 Billion Extended Between HP and CIBC
An
information technology outsourcing agreement has been amended and
extended between Hewlett-Packard (Canada) Co. and the Canadian Imperial
Bank of Commerce . The announcement was made today by Hewlett-Packard
.The agreement specifies that that the outsourcing agreement will be
extended for an additional four years, which will expire in 2013. The
total value of the contract is approximately US$1.2 billion over the
next seven years and it revises a previous contract initiated in
2002.The HP IT outsourcing services and solutions are designed to
further improve the efficiency and productivity of technology
operations. HP is supporting CIBC in the management of a highly
available, reliable and secure IT environment for its retail and
wholesales banking business.According to Paul Tsaparis, president and
chief executive officer, HP Canada, this extension with CIBC builds on
the two companies’ existing agreement and marks a significant win for
HP in an incredibly competitive industry. Working together, HP and CIBC
will continue to provide the IT services that support CIBC’s focus on
building positive relationships with its clients.Ron Lalonde, senior
executive vice-president, Administration, Technology and Operations,
CIBC, contributed that his company is pleased to extend its strong
relationship with HP. The agreement allows CIBC to take advantage of
HP’s services and expertise to manage its IT needs effectively on
behalf of its clients and employees.CIBC has responsibility for desktop
support infrastructure, help desk and related network services under
the contract with HP. CIBC’s enterprise infrastructure will be
supported by services and solutions from HP. This service and support
will also extend to CIBC’s Internet banking, branch tellers, automated
banking machines, point-of-sale, wire payments and fraud detection
systems.The agreement outlines that HP will also be responsible for
data center and network infrastructure management, host (mainframe and
HP NonStop systems) and midrange transaction processing, application
services, operating systems, storage and desktop messaging.The banking
industry in which CIBC operates is extremely competitive. In order to
differentiate itself, this organization must be able to deliver not
only top of the line technologically-advanced solutions for its
clients, it must also be able to deliver exceptional customer service.
This agreement with HP should help CIBC to deliver both.HP will be able
to effectively assist CIBC in ensuring that its Help Desk solutions, in
addition to other systems, are not only up-to-date, but that they are
delivering the most efficient and productive support necessary to
deliver real-time functionality. CIBC cannot afford to provide anything
less and this extension of the 2002 contract proves that HP is
delivering.
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