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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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