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Attention Business Editors:
CIBC AND HP FORMING JOINT VENTURE TO PROVIDE I.T. SERVICES FOR FINANCIAL PROCESSING AND E-COMMERCE
New Company Forecasts Sales of $1.5 Billion (Cdn) Over Four Years; Will
Pool Expertise in Financial Transaction Processing of CIBC Subsidiary,
INTRIA, with HP's Strengths in Information Technology Services
TORONTO, Aug. 18 /CNW/ - Hewlett-Packard Company of Palo Alto, California
and INTRIA Corporation, a wholly-owned subsidiary of Canadian Imperial Bank of
Commerce, today announced plans to form INTRIA-HP, the first company in Canada
dedicated to providing end-to-end IT operations services for mission-critical
business activities such as financial processing and electronic commerce.
Over the next four years, INTRIA-HP revenues are expected to exceed $1.5
billion (Cdn) from North American customers in the financial, retail,
manufacturing, government and utilities sectors. Dan Branda has been appointed
president of INTRIA-HP, which will be headquartered in Toronto. Mr. Branda was
formerly chairman, president and chief executive officer, Hewlett-Packard
(Canada) Ltd. The joint venture, subject to regulatory approval, will begin
operations with more than 750 former INTRIA employees. Further job creation is
anticipated.
''This joint venture represents another innovative step for CIBC in
building the bank of the future,'' said Holger Kluge, president, CIBC,
Personal and Commercial Banking. ''It opens the door to technological
innovation and better service delivery, resulting in significant benefits to
business customers and consumers.''
INTRIA-HP intends to lead the market in providing services to reduce IT
processing costs, improve application availability, and accelerate time-to-
market for electronic commerce and related financial processing initiatives.
These services will be marketed directly as well as through HP, INTRIA and
CIBC sales channels. Initial customers will include CIBC, HMV and President's
Choice Financial.
''Partnering with INTRIA reflects HP's innovative growth strategy,'' said
Ann Livermore, HP vice president and general manager, Software and Services
Group. ''This joint venture will allow us to expand our services business in
the Canadian market and offer new services to our North American customers,
especially in the financial services industry and the rapidly growing
e-business market. INTRIA-HP's strength in supporting MVS, AS/400 and Tandem
platforms will greatly enhance HP's ability to provide multi-platform services
to customers throughout North America.''
''This partnership with INTRIA will allow us to provide more
comprehensive IT solutions to Canadian customers who strive to compete in an
increasingly global environment,'', said Paul Tsaparis, who succeeds Dan
Branda as HP Canada's president and chief executive officer.
Combining World Class Capabilities
INTRIA's main computing facilities in Toronto are among the most advanced
in North America, providing anytime, anywhere computing. INTRIA processes more
than 4.2 billion on-line transactions annually, including 541 million
Point-of-Sale (POS) transactions and 344 million Automated Banking Machines
(ABM) transactions. INTRIA's point-of-sale and ABM online availability for
CIBC is the best of any major Canadian financial institution.
This world-class capability, combined with HP's high-availability service
offerings, gives the joint venture a solid platform for growth in the North
American services market. INTRIA brings its leading position in servicing
retailers' electronic cash registers across Canada, along with its extensive
electronic operations capabilities, for activities such as PC banking;
telephone banking; and an extensive, nationwide banking-machine network.
HP contributes its expertise in client/server outsourcing, high-
availability support and systems integration; its Internet Protocol (IP)
networking architecture and security capabilities; and its systems- and
network-management tools. In addition, it will provide access to e-commerce
capabilities such as those of its VeriFone subsidiary.
INTRIA-HP will be linked to HP's network of Operations Services Centers
(OSCs) to better manage North American customers through the sharing of tools,
processes and technologies for systems, network and desktop management. The
joint venture will also benefit from early access to emerging technologies
from HP Labs.
''This joint venture is focused on the e-business operations needs of
Canadian customers,'' said Dan Branda, president, INTRIA-HP. ''Furthermore,
INTRIA-HP provides Canadian companies with access to the wide breadth of
skills in HP's North American services organization. In addition, the joint
venture is an investment in the Canadian market that will fuel growth by
delivering services to the much larger North American market.''
About INTRIA Corporation
Established in November 1996, INTRIA provides an operations
infrastructure that enables companies to efficiently process both paper and
electronic transactions. INTRIA processes more than 20 million transactions
daily. Its ''ready-to-use'' infrastructure enables companies to migrate from
paper to electronic processing and then to electronic business operations.
Upon closing of the joint venture, INTRIA will consist of two business units:
INTRIA Items Inc., a joint venture between INTRIA and Fiserv, providing items
processing services (e.g. cheque, statement, remittance, currency management,
and records management), and INTRIA-HP, a joint venture between INTRIA and HP.
Information about INTRIA can be found on the World Wide Web at
intria.com.
About CIBC
CIBC is one of North America's leading financial institutions, providing
customers with a full range of products and services through a choice of
convenient channels, including 3,700 bank machines, telephone banking
(1-800-465-CIBC), PC Banking, the Internet (www.CIBC.com), branches across
Canada and offices around the world.
About HP
Hewlett-Packard Company is a leading global provider of computing,
Internet and intranet solutions, services, communications products and
measurement solutions, all of which are recognized for excellence in quality
and support. HP has 125,300 employees and had revenue of US$42.9 billion in
its 1997 fiscal year. Information about HP and its products can be found on
the World Wide Web at hp.com.
A news conference regarding this announcement was held today in Toronto,
Canada. A broadcast will be available on the Internet at www.cybertv.to
beginning at 1:00 p.m. E.S.T.
Disponible en fran‡ais.
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For further information: INTRIA Corporation, Gene Diamond, Goodman
Communications Inc., (416) 924-9100; Hewlett-Packard Company, Angela Hislop,
HP Canada, (905) 206-3493; Claire Maledon, The Hoffman Agency, (408) 975-3046
This press release concerns more than one organization.
To view releases from one of these organizations, please select from below.
INTRIA CORPORATION
HEWLETT-PACKARD COMPANY
CANADIAN IMPERIAL BANK OF COMMERCE
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