IT solutions provider EDS said Wednesday it signed a $108 million outsourcing contract to manage the First International Bank of Israel's information technology infrastructure.
Under the agreement, First International (FIBI) will outsource its IT operations to EDS Israel, including approximately 100 employees of its IT subsidiary and its IT infrastructure.
Over the next eight years, EDS will manage the bank's IT infrastructure, host its central, departmental and personal computer activity, and manage its communications network.
Ness Technologies also will participate in the project.
"Our strategic partnership with EDS will allow the bank to experience a significant reduction of expenses and, in turn, opportunities for increased revenues," said Yossi Levi, FIBI's head of operations and information technology division.
Based in Plano, Texas, EDS had net income of $8 m. and revenue of $4.87 billion in the third quarter of 2005.
It reported a net loss of $153m. in the parallel quarter last year.
The company established its Israel operation in July 1995 as a joint venture between EDS and Kardan Technologies.
EDS Israel is based in Herzliya.