HP snags Rs 400 crore outsourcing contract from Corporation Bank
HP secured a technology outsourcing deal from public sector lender Corporation Bank, worth Rs 400 crore, beating IT greats like TCS and Wipro. Both HP and Corporation Bank have declined to comment.
According to sources, HP won the contract because of its higher technical competency despite Wipro and TCS quoting lower amounts, a senior Corporate Bank executive said on condition of anonymity.
Indian software-exporters are winning outsourcing contracts coming up for renewal in the United States and Europe at the cost of incumbents like HP and IBM. The contract is for switching and managing the bank’s Core Banking software from the current version made by Chennai-based software company Polaris Financial Technology to Finacle, made by Bangalore-based Infosys.
Hp can also extend the deal as per their discretion for another three years. The terms state that HP will also design and implement necessary enterprise software besides setting up and maintaining the bank’s datacenter.
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