Defeating India's largest IT firm Tata Consultancy Services (TCS) and Wipro, Technology Services Company Hewlett-Packard won Rs 400-crore technology outsourcing contract from public sector lender Corporation Bank. California-based PC-maker bagged the seven-year contract on account of its higher technical competency despite the lower ask price by rivals.
The contract secured is for switching and managing the bank's core-banking software from the current version made by Polaris Financial Technology to Infosys’ Finacle. Further, the deal can be extended for a further three years at the bank's discretion. Under the terms, HP will also design and implement necessary enterprise software besides setting up and maintaining the bank's data centre.
