IBM Corp and Societa Finanziaria Telefonica per Azioni SpA, or Stet, have finally signed and sealed their collaboration agreement, 18 months after the deal was first announced – but the result is a real mouse of an agreement compared with what was originally envisioned. The idea had been that the Italian would become an equal shareholder with IBM in the IBM Global Network, an idea that always sounded outrageous but was specifically confirmed by IBM. Now the agreement covers merely offering telecommunications services to Italian clients and internationally. Many of the provisions covered by the deal will be carried out by Stet’s Telemedia International unit and IBM’s Global Services. Among the telecommunications services involved are electronic mail; the Internet; electronic data transfer; videoconferencing; and telephone network management.