Technology major IBM today said it has signed a five-year IT outsourcing agreement worth USD 15 million with Eureka Forbes.

The end-to-end business transformation and IT outsourcing agreement with Shapoorji Pallonji Group subsidiary, Eureka Forbes, is valued at USD 15 million, IBM said in a statement.

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IBM will also leverage its research capabilities to help Eureka Forbes improve its revenue, the statement said, adding that the deal would involve transition of Eureka Forbes' IT staff to IBM.

The US-based firm will help Eureka Forbes increase revenues from products as well as annual maintenance contracts, optimise inventory holding and reduce selling, general and administrative expenses.

"We believe IBM's proven leadership in providing IT transformation for Eureka Forbes and their global expertise in the consumer durable industry will enable Eureka Forbes to even more aggressively achieve its business goal," Eureka Forbes Vice Chairman and MD Suresh Goklaney said.

Eureka Forbes is a Rs 1,000 crore consumer durables firm operating in over 250 offices in major cities and has over 9,000 employees.

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