Sep 18, 2002 : HP, CIBC Sign Outsourcing Agreement

📅 September 18, 2002 - Service organization HP (hp.com) announced on Tuesday that it has signed a seven-year IT outsourcing contract with the Canadian Imperial Bank of Commerce valued at $2 billion Canadian.

Along with the announcement, the companies also said that HP has acquired CIBC's interest in the INTRIA-HP joint venture, an investment that strengthens HP's ability to provide comprehensive outsourcing and adds a considerable number of clients to the company's portfolio.
"We are pleased to provide CIBC all of the advantages of the newly strengthened HP Services organization," says Carly Fiorina, HP chairman and chief executive officer. "By outsourcing much of its IT infrastructure to our highly experienced services team, 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."
According to the agreement, HP will manage a significant percentage of CIBC's IT infrastructure, including everything from desktop servers to critical systems and applications, servers and networking gear. HP will also provide procurement, asset management and IT vendor management as part of the offering.
"With HP's expertise, global presence and outstanding customer service, this joint venture has given us a distinct advantage with our customers over the past four years," says John Hunkin, chairman and chief executive officer, CIBC. "Today's announcement confirms the extension of our relationship and the next natural step for both HP and CIBC. It allows CIBC to focus on our core businesses, while continuing to provide HP's superior services to our customers. CIBC's customers can be assured that their services needs will be handled by the experts."