 |
» |
|
|
|
HP, CIBC Commence Cdn$2 Billion Outsourcing Agreement and Announce Closing of INTRIA-HP Transaction
PALO ALTO, Calif., and TORONTO, Nov. 4, 2002
HP (NYSE:HPQ) and the Canadian Imperial Bank of Commerce (CIBC), one of North America's leading financial services companies, today announced the commencement of a previously announced seven-year contract to provide comprehensive IT services valued at approximately Cdn$2 billion.
Through the agreement, HP now manages
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.
Further, HP has completed its acquisition of CIBC's interest in the INTRIA-HP joint venture. This strategic investment by HP in IT infrastructure services resources and skills strengthens its ability to provide comprehensive outsourcing and adds numerous clients to its portfolio. It also adds significant depth and capability to the HP Services business, including multi-technology skills and extensive knowledge of IT outsourcing in the financial services industry, and expands HP's presence in Canada.
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.
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 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.
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 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 services and their feature sets;
the challenge of managing asset levels, including inventory;
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 July 31, 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.
|
Printable version
