The deal is worth €400 million (£274 million) over five years and will see 500 jobs transitioning from AGIS to Fujitsu. Fujitsu's role will be as the main service provider for AGIS, focusing on supply, installation, support and maintenance. AGIS will continue to act as a full service provider, will manage all of the relevant services and will be responsible overall for projects, billing and engineering.

Dr Servatius, CEO of AGIS, commented: "Our main criterion in looking for a partner in this field was giving the personnel affected bright prospects for the future. Fujitsu fits this description to a't' in that the company has its sights set on growth in the German IT services market - which is undoubtedly the best basis for providing prospects for our employees in their areas of competence. Fujitsu's services portfolio and service quality impressed both us and our customers. With this long-term targeted partnership we gain flexibility and synergies to support our German customers Allianz Germany and Dresdner Bank with innovative and cost effective IT services."

Winfried Holz, CEO of Fujitsu Services in Germany, added: "This is an important strategic partnership for both us and AGIS/Allianz and has our full commitment in ensuring it is a major, long term success for all concerned. We are in the process of growing our performance capabilities in the field of managed desktop services and this deal reinforces that focus and gives us the opportunity to grow. The AGIS personnel that will be joining the Fujitsu team will be integrated into a larger, pan-European service organisation and will play a key role in our growth strategy.