HP (NYSE:HPQ) and the Canadian Imperial Bank of Commerce (CIBC), one of North America’s leading financial services companies, today announced a seven-year contract to provide comprehensive IT services valued at approximately Cdn$2 billion. The outsourcing agreement reaffirms CIBC’s choice of HP as its preferred provider of managed IT services.
Concurrently, HP and CIBC also announced HP’s acquisition of CIBC’s interest in the INTRIA-HP joint venture. This strategic investment by HP in IT infrastructure services resources and skills strengthens the company’s ability to provide comprehensive outsourcing and adds numerous clients to its portfolio.
“We are pleased to provide CIBC all of the advantages of the newly strengthened HP Services organization,” said 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.”
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, including MVS and NonStop Himalaya systems; Unix®, Windows NT® and IBM AS/400 midrange servers; and networking gear. HP will provide related technology procurement, asset management and IT vendor management as part of its comprehensive services offering. HP also will provide application support services to enable business agility.
“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,” said 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.”
“HP’s outsourcing agreement with CIBC is a testament to our ability to provide mission-critical, multi-platform, high-availability IT infrastructure services. Our relationship has evolved over the years to include services offerings in many of CIBC’s business functions,” said Ann Livermore, executive vice president, HP Services. “As the third largest IT services organization in the industry, we are better poised than ever to continue to drive clear business value for our customers.”
INTRIA-HP was established in 1998 and provides outsourcing services to a number of Fortune 500 customers in North America. Expected to become effective on Nov. 1, 2002, at which point the outsourcing agreement also will become effective, the acquisition of INTRIA-HP will result in added depth and capability, including multi-technology skills and extensive knowledge of IT outsourcing in the financial services industry, to the HP Services business. This also expands HP’s local presence in Canada.
More information, including a photo from today’s announcement, is available in an online press kit at http://www.hpservicesnews.com.
About CIBC
CIBC is one of North America’s leading financial institutions with more than eight million personal banking and business customers. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. To find other news releases and information about CIBC, visit its Media Centre at http://www.cibc.com/.
About HP
HP is a leading global provider of products, technologies, solutions and services to consumers and businesses. The company’s offerings span IT infrastructure, personal computing and access devices, global services and imaging and printing. HP completed its merger transaction involving Compaq Computer Corp. on May 3, 2002. More information about HP is available at http://www.hp.com.
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UNIX is a registered trademark of the Open Group. Windows NT is a U.S. registered trademark of Microsoft Corp.
This news release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause the results of HP and its consolidated subsidiaries to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operations; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include employee management issues; the timely development, production and acceptance of products and services and their feature sets; the challenge of managing asset levels, including inventory; the flow of products into third-party distribution channels; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks that are described from time to time in HP’s Securities and Exchange Commission reports, including but not limited to HP’s quarterly report on Form 10-Q for the quarter ended April 30, 2002 and reports filed subsequent to HP’s annual report on Form 10-K, as amended on January 30, 2002, for the fiscal year ended October 31, 2001. HP assumes no obligation and does not intend to update these forward-looking statements.
This news release contains forward-looking statements about the objectives, plans and intentions of CIBC for the operation of CIBC and its subsidiaries. A forward-looking statement is subject to risks and uncertainties that may be general or specific. A variety of factors, many of which are beyond the control of CIBC, may affect the objectives, plans and intentions of CIBC for the operation of CIBC and its subsidiaries and could cause actual operations to differ materially from the expectations expressed in the forward-looking statements contained in this press release. Readers should not place undue reliance on these forward-looking statements. CIBC does not undertake to update any forward-looking statement that is contained in this news release.
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