MoneyWorks4Me

HP secures Rs 400-crore technology outsourcing contract from Corporation Bank

03 Jul 2013 Evaluate

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.

Peers
Company Name CMP
State Bank Of India 961.70
PNB 116.10
Bank Of Baroda 230.00
Canara Bank 118.60
Union Bank Of India 172.00
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