In a deal valued at approximately $250 million, Sun Life Financial Wednesday announced that it has inked an outsourcing agreement with IBM Global Services.

Sun Life, a life insurance provider, will receive a wide range of services from Big Blue over a seven-year period, according to a statement issued by the companies. IBM will provide operational services to support Sun Life’s existing IT operations including e-mail services, mainframe and midrange server management, Web hosting, support for Lotus Notes applications and network security services.

The statement also indicated that approximately 110 of Sun Life’s employees will join IBM Global Services due to the agreement.

This announcement follows on the heels of an SEC filing from IBM on Tuesday stating it is in the process of reducing its workforce by 15,600. [Please see IBM laid off 15,600 in second quarter.]