Korea Investment & Securities (KIS) has inked a 10 year, $157 million, information technology outsourcing agreement with IBM.
Under the deal, Big Blue will design, build and install an IT infrastructure system for KIS, consisting of a fleet of Server pSeries and xSeries as well as IBM Tivoli security management and Maximo asset management.
The vendor will also migrate part of the existing storage system to its own offering and provide the network equipment.
In addition, the deal also covers management and maintenance of the IT infrastructure, with IBM helping KIS operate it through virtualisation and integration services.
The new infrastructure will be used to support KIS' major business areas, including account and financing, channel management, external interface, data analytics and call centres.
Although outsourcing the operation of the IT infrastructure, KIS will continue to lead the technology strategy planning and application development and management.
Byung-ho Lee, CIO, KIS, says: "We decided to transform our business process for the purpose of reinforcing our global competitiveness in the fiercely competitive financial industry. By enhancing our IT capacity, we will be able to actively respond to the rapidly changing global financial environment."