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. Last Updated: 07/27/2016

Big Mitsui Life Deal

TOKYO -- IBM Japan, the Japanese unit of International Business Machines Corp., said Wednesday it won a 10-year computer outsourcing contract worth $1 billion from major life insurer Mitsui Mutual Life Insurance Co.

The deal gives IBM Japan, which already earned $1.1 billion in Japanese outsourcing deals in the first three months of 2000, a stronger foothold in Japan's finance industry as the sector adopts new technology to compete in an era of deregulation.

"The outsourcing business is one of the fastest growing businesses in Japan. We won a total of $1.3 billion worth of contracts in 1999 in Japan, and the business has been accelerating this year," a spokesman at IBM Asia Pacific said.

Under the agreement, IBM Japan and Mitsui Life will form a joint-venture company, aiming to begin operations in October, to cover management and maintenance of Mitsui Life's host system.