IBM (NYSE: IBM) has secured a five-year renewal of an extensive information technology services contract worth an estimated $1 billion with Australian bank Westpac.

The Australian newspaper estimated the value of the deal to be “worth more than $1 billion.”

Neither IBM nor Westpac disclosed the financial terms of the deal.

Westpac picked IBM for a 10-year IT services contract in 2000 for some $2.3 billion.

According to The Australian, the renewal agreement came after “robust talks.”

“I’m proud to say that our relationship with IBM has come a long way over the past couple of years and we’ve made significant inroads to improve the reliability of our systems,” said Westpac Group Executive Technology Bob McKinnon.

The new contract gives Westpac more control, he added.

“In parallel, we’ve jointly approached commercial negotiations in the right spirit, collectively shaping this new IT services contract which will drive a very different relationship and set us up for the future – aligning our companies to a shared vision, strategy and values,” McKinnon explained.

Read The Australian report here.

Read the full press release here.

IBM employs some 10,000 people at its campus in RTP.

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