CGI Group bags 10 year USD 115 million deal from Magnolia Insurance Agency
 
CGI Group has signed a 10 year USD 115 million agreement with Magnolia Insurance Agency to deliver back office services. The service offerings will include policy administration, billing and accounting, claims administration, statistical reporting, and statutory accounting.

Magnolia Insurance Agency provides insurance services in areas such as auto insurance, home insurance, business insurance, and life insurance. The CEO at Magnolia Insurance Agency stated that they will team up with the vendor to leverage its technology to reduce costs and enhance communications with their agents and policy holders.
 

Hewlett Packard (HP) announced that it has inked a definitive agreement to acquire Electronic Data Systems (EDS) at a price of USD 25 per share. The deal value of this agreement is USD 13.9 billion.

Additionally, HP stated that the agreement will increase its service revenue to more than two times which was USD 16.6 billion in fiscal 2007. The CEO at HP stated that the combined entity will create a leading force in IT services worldwide.
 

Perot Systems Corporation has taken over Original Solutions Limited, a provider of applications development and management services in Ireland and the U.K. The financial terms and conditions of the agreement remained undisclosed.

Original Solutions' service offerings include web applications and client server development, enterprise integration and legacy systems re-engineering, and IT Service Management and IT Infrastructure Library process management. The CEO of Perot Systems Corporation stated that Original Solutions' technology will help Perot Systems extend their IT services capabilities across the globe.
 

The Bank of New York Mellon has taken over the fund of hedge funds administrative services business of LAMP Technologies LLC. LAMP Technologies offers services to alternative investment vehicles including fund of hedge funds.

The financial terms and conditions of the transaction were not disclosed. The acquisition will consolidate BNY Mellon's portfolio of administrative and accounting services for funds of hedge funds.
 

Cathay Bank has signed a long-term extension contract with Metavante which entails the vendor to continue delivering core banking solutions. Cathay Bank manages assets worth more than USD 10.4 billion and has 50 branches across U.S.

The agreement is an extension of their successful core processing relationship since 17 years. Additionally, Metavante will provide document imaging solutions and Prime Compliance Suite, a fraud prevention solution for anti-money laundering.
 

Prudential plc (United Kingdom) has deployed the Charles River Investment Management System (Charles River IMS) across its fund management operations within nine branches in the Asia Pacific region. The solution is leveraged by users in China, Hong Kong, India, Korea, Japan, Malaysia, Singapore, Taiwan and Vietnam.

Charles River IMS delivers automated portfolio management, monitoring of trading and compliance processes of its Asian fixed interest, swaps, and structured products portfolios to its users. The Managing Director at Charles River Development stated that Charles River IMS allows firms gain operational efficiencies via scale economies and standardization.
 

ProfitStars, a division of Jack Henry & Associates, Inc., has signed an agreement with Charles Schwab & Co., Inc. to provide its Enterprise Exception Management Suite (eEMS). The software solution will allow the financial firm to automate its reconciliation processes.

The solution is an enterprise risk management application that assists financial firms to identify and minimize the risks related to financial and operational data. A senior official at Charles Schwab stated that enterprise-wide exception management solution will improve the protection of their clients.
 

CIMB has chosen Princeton Financial Systems, a State Street Corporation subsidiary, to provide its PAM solution for securities. The bank will use the software application to manage portfolio worth USD 10 billion which includes its asset management, mutual fund, and securities servicing businesses.

A senior official at Princeton Financial stated that they were proud to be chosen to allow the bank optimize its operational efficiency. He added that the response they experienced in the region has positioned them as leaders in the investment management area in Malaysia.