UK-based Liverpool Victoria Friendly Society Limited has signed a 10 year contract with EDS to outsource the management and operation of its entire information technology infrastructure, including computing and printing operations and all software maintenance and development.
At current exchange rates, the deal is valued at about $300 million over the ten-year duration of the contract.
The life company claims outsourcing will enable it to significantly reduce costs, improve systems reliability and productivity and enhance its information technology capabilities.
Joan Halliwell, Liverpool Victoria's director of business services, comments: "Throughout the tendering process EDS impressed us with their knowledge of the financial services sector and their outstanding track record in working alongside large organisations."
Under the contract, about 200 Liverpool Victoria staff and 70 contractors will transfer to EDS.
The company also announced a multi-year outsourcing contract to manage Aon's UK information technology infrastructure. Two hundred and eighteen Aon IT staff will move to EDS. Financial terms were not disclosed but the contract is believed to be valued at approximately $200 million.