Indra signs a strategic agreement with Ahorro Corporación for technological services

 
Ahorro Corporación, the benchmark in financial services in the Spanish market and Indra, the premier IT company in Spain and a leading IT multinational in Europe, have signed a strategic agreement to transform the technological model of the financial entity. The transformation comprises the outsourcing of the technological infrastructure management and the development of applications. All this will translate into more efficiency, enhanced services and savings in global costs. The agreement, for over 40 million Euros, has an execution period of 7 years.

The strategic agreement is another maneuver in a series of measures implemented by Ahorro Corporación for the last months within the 2010-2012 Strategic Plan which seeks to adapt the group to the new financial environment and increase profitability by implementing a new management model

Within the framework of this agreement, pioneer in the financial sector, Ahorro Corporación and Indra will team up in a joint venture (51% Ahorro Corporación, 49% Indra)  to commercialise the financial entity’s SGT (global treasury system) at international level, a solution which gives service to more than 40 clients including savings banks and banks.  The joint venture will incorporate new solutions to the extant portfolio and will systematize the commercial activity, thus increasing the amount of SGT users. In addition, it will improve the offer in terms of products and services, increase efficiency and profitability of operations and help foresee changes in demand. 

Within the joint venture Indra will supply technology and commercialisation services and Ahorro Corporacion will undertake the financial services. The IT company will contribute experience and methodology in the application management and technology for management and the outsourcing of user support services.

The agreement will help expand the commercialisation of services for securities companies, offer fund management services and the outsourcing of the back office functions.

With this agreement Indra reaffirms its position in the financial services segment, where it already holds the leading position with first-rate services especially in the area of financial back office.

Broad experience

Indra cooperates in innovation processes of the main Spanish companies in the financial and insurance sector with nine out of the ten main companies as clients. The IT company offers solutions which cover the entities' value chain thoroughly, from design of complex systems to application maintenance and business process outsourcing where technology has a differential value.

The IT company has promoted its position in the financial market in Latin America and Europe and works alongside some of the main Spanish Banking institutions in their international expansion.

Indra is the premier Information Technology company in Spain and a leading IT multinational in Europe and Latin America. It is ranked as the second European company in its sector according to investment in R&D with nearly € 500 M during the last three years. In 2010 revenues reached € 2,557 M of which a 40% came from the international market. The company employs more than 31,000 professionals and has clients in more than 110 countries.

About Ahorro Corporación

Ahorro Corporación is a financial services group. It has been providing advisory and investment services to institutional customers and professional investors for over 30 years. Through its extensive experience, it has become a benchmark among the investment community. It has offices in Madrid, Barcelona, Sevilla, Málaga, Valencia and Valladolid; and specialised subsidiaries in Boston, New York and Miami.