HP and CIBC sign $2 billion IT services deal

Hewlett-Packard Co. and Toronto-based Canadian Imperial Bank of Commerce (CIBC) Tuesday announced a seven-year IT services contract valued at over $2 billion.

Under the agreement, HP will partly manage CIBC’s multi-vendor IT infrastructure – desktop PCs to mission-critical systems and software – including MVS and NonStop Himalaya systems, Unix, Windows NT and IBM AS/400 midrange servers and networking gear.

HP said it will also provide related technology procurement, application support services, asset management and IT vendor management as part of its comprehensive services offering.

“HP’s outsourcing agreement with CIBC is a testament to our ability to provide mission-critical, multi-platform, high-availability IT infrastructure services. Our relationship has evolved over the years to include services offerings in many of CIBC’s business functions,” said Ann Livermore, executive vice-president, HP Services.

Mike Woeller, senior executive vice-president and CIO, Technology and Operations CIBC, said the deal allows CIBC to focus on its core financial services business.

The outsourcing agreement reaffirms CIBC’s choice of HP as its “preferred” provider of managed IT services, Woeller said, adding HP and CIBC also announced HP’s acquisition of CIBC’s interest in the Intria-HP joint outsourcing venture.

Established in 1998, Intria-HP provides outsourcing services to a number of Fortune 500 customers in North America, HP said, adding the acquisition of INTRIA-HP adds multi-technology skills and knowledge of financial services IT outsourcing to HP Business Services.

“By outsourcing much of its IT infrastructure…CIBC and its customers will enjoy the benefits of secure, responsive and cost-effective IT systems. In addition, other HP enterprise customers will benefit from the significant increase in skills and resources we are acquiring in INTRIA-HP,” said Carly Fiorina, HP chairman and CEO said in a prepared statement.