Under terms of the contract, IBM will operate and manage Allianz’s IT infrastructure, including the client’s servers and storage systems, and data and disaster-recovery centers. The size of the deal was not disclosed.
IBM said this the first time a South Korean financial institution has outsourced IT services to a non-subsidiary company, and believes it will open the door for further outsourcing deals in the sector. IBM said it had beaten rival bids from seven other vendors for the contract.
IBM has won several major outsourcing deals in South Korea in the last few years, making it the most successful international player in the market. It secured a major $210m deal with Korean Air in November 2003, and more recently won contracts with cosmetics manufacturer Amore Pacific and semiconductor company KEC.
