IoT
News
News
12/26/2002
10:27 AM
50%
50%

EDS Lands $1.3 Billion Services Deal From Dutch Bank

ABN Amro to use services firm to manage large section of its tech infrastructure.

It was a Merry Christmas for EDS. Dutch bank ABN Amro has agreed to pay the services firm $1.3 billion over five years to manage a large part of its technology infrastructure.

The companies say EDS's work will focus on the bank's WCS unit, which caters to major business and institutional clients. The unit is active in more than 50 countries but has its largest hubs in New York and London.

Tuesday's agreement is the conclusion of long-running talks. ABN said last month that about 2,000 of its employees would likely be transferred to EDS as part of the deal, which won't be implemented until it receives regulatory approval and advice from ABN employee councils.

An EDS spokesman told The Associated Press that the deal is a significant boost for his company and that he expects work to begin during the first quarter of next year.

He also notes that at the start of the month, EDS signed a similar contract with Bank of America worth $4.5 billion over 10 years. "That's two multibillion contracts in about two weeks, in financial services alone," he says.

EDS had sales of $21.5 billion in 2001.

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Register for InformationWeek Newsletters
White Papers
Current Issue
Top IT Trends to Watch in Financial Services
IT pros at banks, investment houses, insurance companies, and other financial services organizations are focused on a range of issues, from peer-to-peer lending to cybersecurity to performance, agility, and compliance. It all matters.
Video
Slideshows
Twitter Feed
InformationWeek Radio
Archived InformationWeek Radio
Join us for a roundup of the top stories on InformationWeek.com for the week of July 17, 2016. We'll be talking with the InformationWeek.com editors and correspondents who brought you the top stories of the week to get the "story behind the story."
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.