Household International, Inc. (HSBC) Signs $65 Million, Multi-Year Service Agreement with Kanbay
Contract Renewal Validates 13-Year Global Process and Technical Consulting Relationship Across Multiple Household Business Areas
CHICAGO, IL, June 30, 2003 - Kanbay Incorporated - a premier global systems integrator and managed services firm specializing in the financial services industry - today announced that it has signed the largest service level agreement (SLA) in its 13-year history working with Household International, Inc., a wholly owned subsidiary of HSBC. The new four-year, $65 million contract further solidifies the long-term partnership between Kanbay and Household - a relationship built on a successful multi-site development and flexible global delivery model that spans several Household business sectors.
"Household forges deep and mutually beneficial relationships with a small number of world-class IT providers. Only a few of these providers truly live up to the title of partner. Kanbay has proven to be reliable, flexible and creative in helping Household to manage rapid growth and meet extraordinarily aggressive project dates. Kanbay doesn't just talk about being a partner, they have earned this distinction," said Ken Harvey, Chief Information Officer, Household International.
Kanbay currently represents over 40 percent of Household's code development capacity. Kanbay and Household are tightly integrated in a "co-sourced" model that unites the resources of both companies to form a unique approach to developing technology solutions that serve Household's demanding business requirements. Kanbay brings as part of its offering advanced financial solution sets, industry best practices, process excellence and information technology enablement.
Kanbay's services range across several core business areas within Household including consumer and mortgage lending, banking and private label credit card systems, internal business, data, testing and internal messaging systems. Kanbay also works closely with Household across all technology platforms from legacy to web. Most recently, Kanbay achieved SEI-CMM Level 5 Assessment - the highest ranking of the industry standard for assessing software development processes - an assessment recognizing the unique nature of the work carried out across multiple project teams working simultaneously in multiple sites.
"We are delighted to continue our ongoing partnership with Household, especially during the company's recent acquisition by HSBC. Both Household and HSBC played a mutual role in the decision to maintain Kanbay as a preferred partner and to renew our SLA over the long-term. This is a testament to the value of our relationship, and we look forward to continuing to provide Household/HSBC with high value solutions that increase their business performance," said Raymond Spencer, Chairman&CEO Kanbay Incorporated.
About Kanbay
Kanbay is a global integration and managed solutions company with a rich heritage in serving the financial services industry. The company's solutions help customers achieve sustainable business success and predictable value via a customer-centric approach to deploying industry innovation, process excellence and information technology solutions. Kanbay's solutions are a combination of bundled and specialized solution sets, industry advancements, process excellence and information technology enablement delivered via a flexible global delivery model at the right cost.
Founded in 1989, Kanbay is headquartered in Rosemont, Illinois. Kanbay also has U.S. offices in Los Angeles and New York; European office in Cambridge; Australian offices in Melbourne, Sydney, Brisbane and Perth; offices in Hong Kong, Japan, Singapore and Canada; plus the Kanbay e-Solutions Center in Pune, India. Kanbay is a Safeguard Scientifics (NYSE: SFE) partner company.
