Dutch asset manager Robeco has terminated a 10-year outsourcing agreement with ICT services firm Ordina following a disagreement over the platform selected to manage its back office processes.
Robeco Direct signed a EUR85 million deal in January 2007 with Dutch firm Ordina to outsource savings and investment back-office processes to the vendor. The deal also saw approximately 39 employees move to the vendor.
But in today's statement Ordina says Robeco has ended the outsourcing deal following a difference of opinion "on the new target platform that was to be utilised by Ordina for processing Robeco back-office processes".
Ordina says it "strongly regrets" the move and is talking to Robeco about the consequences and any further actions, including when the asset manager will take the processes back inhouse.
Shares in Dutch IT services firm Ordina slipped over seven per cent to EUR9.70 in morning trading on the news.