Cazenove & Co. and IBM Sign Strategic IT Agreement
London, ENGLAND (October 14, 1999) – A major strategic outsourcing agreement was today announced in the City of London between one of the leading international securities houses, Cazenove & Co., and IBM. It is the largest IT agreement of its kind undertaken in the City of London.
Under the 10 year agreement, IBM Global Services will provide IT services to support the expansion of Cazenove’s domestic and international business. IBM will facilitate new e-business initiatives for Cazenove and enhance the efficiency of IT delivery across the firm.
Mark Loveday, the Senior Partner of Cazenove & Co., commented, “We have chosen an expert partner who will give us access to current and future technologies essential for the development and expansion of our business. As the importance of technology, and the opportunities it brings, increase, we believe this arrangement with IBM will be the most effective way for us to enhance our services to our clients and to improve the value of IT to our business”.
Frank Kern, General Manager, Professional Services, IBM Europe, added, “Like the top participants in other industries, Cazenove recognises the pivotal importance of IT to business success. In their fast changing market, they view IT as a powerful and strategic asset. We believe our technology expertise, global resources and strong position in capital markets, were key to Cazenove’s decision to outsource to IBM. Together with Cazenove’s unique position and understanding of its marketplace, I am confident that this relationship will bring exciting results for both parties”.
IBM Global Services will provide Cazenove with an end-to-end IT service, including the management of Wide and Local Area Networks, Application Development and Maintenance, Desktop, Midrange and Mainframe operations. This involves around 100 Cazenove employees and contractors transferring to IBM.
Source: IBM