HP and CIBC Extend Technology Outsourcing Agreement
Contract amended and extended to 2013, valued at approximately US$1.2 billion over next seven years
MISSISSAUGA , Ont., Aug. 4, 2006, Hewlett-Packard ( Canada) Co. today announced that the Canadian Imperial Bank of Commerce (CIBC) and HP have amended and extended their information technology outsourcing agreement.
Under the agreement, the outsourcing arrangement will be extended for an additional four years, which will take it to 2013. The total value of the contract is approximately US$1.2 billion over the next seven years. The agreement 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 managing a highly available, reliable and secure IT environment for its retail and wholesale banking businesses.
“This extension with CIBC builds on our companies’ existing agreement and marks a significant win for HP in an incredibly competitive industry,” said Paul Tsaparis, president and chief executive officer, HP Canada. “Working together, we will continue to provide the IT services that support CIBC’s focus on building positive relationships with its clients.”
“We are pleased to extend our strong relationship with HP,” said Ron Lalonde, senior executive vice-president, Administration, Technology and Operations, CIBC. “The agreement allows us to take advantage of HP’s services and expertise to manage our IT needs effectively on behalf of our clients and employees.”
Under the contract, CIBC has responsibility for desktop support infrastructure, help desk and related network services. HP will provide services and solutions supporting CIBC’s enterprise infrastructure, including Internet banking, branch tellers, automated banking machines, point-of-sale, wire payments and fraud detection systems.
HP also is 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.
HP is a technology solutions provider to consumers, businesses and institutions globally. The company’s offerings span IT infrastructure, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended April 30, 2006, HP revenue totaled $88.9 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at www.hp.com.
This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements of the plans, strategies and objectives of management for future operations; any statements concerning expected development, performance or market share relating to products and services; anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the achievement of expected results and other risks that are described from time to time in HP’s Securities and Exchange Commission reports, including but not limited to the risks described in HP’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2006, and other reports filed after HP’s Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2005. HP assumes no obligation and does not intend to update these forward-looking statements.
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