Another day, another multi-million dollar cloud deal for IBM. Today the vendor said it signed a $260 million agreement with the Bank of the Philippine Islands. This caps a steady run of major cloud wins for IBM over the past two weeks.
The Bank of the Philippine Islands is a universal bank headquartered in Manila. It’s the third-largest bank in the Philippines in terms of assets with more than 9 million customers.
Under the new multi-year service agreement, IBM will provide IT infrastructure services to support an agile IT and hybrid cloud, as well as digital development capabilities. This includes IBM infrastructure and hybrid-cloud management services as well as IBM security services.
The two companies also designed an IT environment that supports an open API economy strategy that uses the bank’s data to develop new customer applications and services. The bank’s digital transformation goals include continual upgrades for bank branches with new technology as well as other financial services apps for customers.
Two Weeks of Cloud Wins
The Bank of the Philippine Islands deal comes two days after IBM announced another bank win. On Tuesday the vendor said it signed an eight-year agreement with France’s largest bank, BNP Paribas. The bank will use IBM’s hybrid-cloud products including its private cloud and as-a-service IT offerings delivered through IBM’s public cloud. It will also integrate the IBM Cloud hosted in data centers dedicated to the bank.
Later on Tuesday IBM reported fourth-quarter and full-year 2018 revenue that beat Wall Street’s expectations also boosted by its cloud business. Cloud revenue for the year was $19.2 billion, up 12 percent. Additionally, its as-a-service annual exit run rate for cloud revenue of $12.2 billion in the quarter, up 18 percent year over year.