IBM Canada Ltd.
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IBM Canada Ltd.

October 20, 2006 08:00 ET

Symcor and IBM Extend Agreement for Managed Operations Support

TORONTO, ONTARIO and MISSISSAUGA, ONTARIO--(CCNMatthews - Oct. 20, 2006) - Symcor, one of North America's leading providers of business process outsourcing, has signed a three-year, $30-million contract with IBM. (NYSE:IBM) As part of this agreement, IBM will continue to manage the operations and technical support of Symcor's mainframe and storage infrastructure.

IBM's support of Symcor in the demanding financial transactions environment with high quality, dependable service will provide them with cost efficiencies over their previous outsourcing agreement.

"With the volume of transactions that Symcor processes on a daily basis, we understand the benefits of working with partners like IBM to ensure we deliver the consistent, high quality service that our clients expect of us," says Kevin Meehan, Symcor's senior vice president, Computing and Networking Services.

In addition to servicing the banking industry, Symcor also has clients in the wealth management, brokerage, insurance, telecommunications and retail industries. As Symcor expands into new business opportunities, IBM will maintain its critical mainframe operations, providing the excellent service and support needed for growth.

"Competition within the financial services industry is becoming increasingly fierce and IBM is committed to supporting Symcor's plans to grow their business," said Leslie Keating, vice president, Financial Services Sector, IBM Technology Services. "Leveraging IBM's global resources allows us to offer both quality services and cost savings to our clients."

IBM has been providing managed operations services to Symcor since 1999. This three-year agreement is an extension of Symcor's current contract with IBM.

About Symcor

As one of North America's largest business process outsourcing companies, Symcor Inc. provides services designed to transform and enhance its customers businesses. It is an industry leader in physical and electronic cheque processing, payment processing, statement production and document management. For more information, please visit www.symcor.com.

About IBM

For more information, visit www.ibm.com

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