Gilbert + Tobin has advised Westpac Banking Corporation on its major IT outsourcing contract, which was recently renewed with incumbent supplier IBM.
The renewal spans a five-year period, with two one-year renewal options. Under the deal, IBM will be responsible for Westpac's key IT infrastructure services, including network data centre services, mainframe, midrange, storage, desktop, workplace print and security operations.
Gilbert + Tobin worked with a core team of Westpac executives and other advisors on the procurement process and negotiations and on the implementation of a new transparent and granular pricing model, a new governance model, and the re-articulation of service scope.
Gilbert + Tobin partner Sheila McGregor, who led the transaction, said the new deal would provide Wesptac with more flexibility and control over its systems and infrastructure.
"It's a positive step for the Bank, and will bring together a mix of technologies to deliver significant cost savings and productivity benefits across the whole group," she said.
The team advising on the deal consisted of partners Sheila McGregor and Tim Gole and lawyers Sam O'Brien, Anthea Collins, Andrew Hii and Simon Burns.