EDS says it is in exclusive contract negotiations with the Bank of Bermuda for a 12-year $375 million IT outsourcing deal.
Under the agreement, EDS and partner Cable & Wireless will provide the bank with a comprehensive package of banking systems and end-to-end servicing of existing IT systems. It is anticipated that approximately 290 Bank of Bermuda IT staff will transfer to EDS.
The companies expect to conclude contract discussions in the New Year.
News of the talks lifted EDS shares by ten per cent to $18.82 in midday trading on the New York Stock Exchange. The company has recently lost out on a number of mega-deals due to fears about its financial status and its ability to fund big projects.