IBM awarded $479 million contract
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- September
- 20
IBM Corp. has landed a $479 million contract to manage technology systems for Scotiabank, one of Canada’s largest banks.
Under the six-year contract, Armonk-based IBM will help oversee tech systems for the bank’s data centers, branches, automated teller machines and help desk support.
Scotiabank, also known as Bank of Nova Scotia, serves 12 million customers in about 50 countries. The bank has about $408 billion in assets and 60,000 employees.
“Scotiabank understands technology can directly contribute to shareholder value by enhancing reliability for our business processes, improving responsiveness to customer needs and facilitating customer acquisition,â€? Kimberlee McKenzie, executive vice president of information technology and solutions at Scotiabank, said in a written statement. “This new agreement with IBM will reinforce Scotiabank’s strengths in operational excellence and systems reliability.â€?
The agreement, signed last month, went into effect Sept. 1. The contract extends a six-year-old contract between the two companies.
Strong growth in such service contracts are a major reason why IBM’s earnings in the second quarter exceeded Wall Streets expectations. IBM’s services contracts totaled $11.7 billion during the quarter, up 22 percent over the deals inked a year earlier. Eleven of the contracts were larger than $100 million.
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on Thursday, September 20th, 2007 at 4:08 pm by Jay Loomis.
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