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IBM Inks $540 Mln Services Agreement With Nordic's Nordea Bank - Quick Facts

International Business Machines Corp. (IBM) said Tuesday that IBM Services has signed a $540 million multi-year managed services agreement with Nordea, under which Nordea Bank AB (NRDEF.PK) will outsource its IBM Z operations to IBM. The multi-year agreement continues to build on the success of the Nordea-IBM relationship that began in 2003.

IBM noted that by outsourcing its majority of IBM Z infrastructure services in 5 countries, Nordea will have continued access to the latest technology advancements, including cognitive services, while at the same time maintaining a sustainable IBM Z organization. As part of the agreement, a group of Nordea employees will transfer to IBM.

According to IBM, the Managed Service contract differs from the previous mainframe contract, having had the unique opportunity to write up a Service Level Agreement based on first-hand experience of running the Nordea mainframe.

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