Investment and trustee group Perpetual will outsource its IT infrastructure and application services to Fujitsu under a five-year contract worth $68 million.
The deal is part of Perpetual's Transformation 2015 Strategy, announced in June, to simplify its operating and cost structures within the business. The company has put in AU$25 to AU$28 million to execute the strategy, which is expected to deliver AU$50 million per year in pre-tax cost savings, by 2015.
Discussions between the two companies first began in February.
Perpetual had requested proposals for an IT infrastructure overhaul, and Fujitsu came out on top..
"The new structure will create more variable cost base and deliver cost savings included in the Transformation 2015 strategy," Perpetual said in a statement.
Fujitsu is offering standard infrastructure and applications management services which will include encompass operations and equipment within the datacentre as well as desktop management.
"There are a number of establishment and set up activities we have to undertake," Fujitsu general manager of sales for financial services Martin Clarke told ZDNet. "That will take us 3-4 months to complete."
Some services will be operating for Perpetual in early 2013 and stage one of the outsourcing process will begin later in the year. Fujitsu will be transferring various platforms run by Perpetual into its datacentre.
Perpetual was unable to provide a comment at the time of publication.
Updated 4:20pm: Interviewed Fujitsu and included additional comments.