HP wins CIBC outsourcing and joint venture interest

HP and the Canadian Imperial Bank of Commerce on Sept. 17 announced a seven-year outsourcing agreement valued at about $2 billion. Under the agreement, HP will manage a significant percentage of CIBC’s IT infrastructure from desktop PCs to mission-critical systems and software from multiple vendors, according to the announcement. HP will provide related technology procurement, asset management and IT vendor management as part of its services offering. HP also will provide application support services to enable business agility.