Raising its profile overseas, Alltel Information Services has signed a $276 million outsourcing contract with an Australian financial institution.

Executives at the Little Rock-based firm said the seven-year agreement with Colonial Limited is "one of the largest outsourcing agreements in Alltel history." Colonial Limited holds and manages assets of over $30 billion through subsidiaries in banking, insurance and pensions, and funds administration and management.

Under terms of the facilities management agreement, Alltel will replace Colonial State Bank's core banking software, create and operate central data and communications systems, and provide management consulting services.

Alltel plans to hire 250 employees at Colonial Information Services, the bank's data processing unit based in Ashfield, New South Wales.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.