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Ericsson extends outsourcing contract with IBM

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By AP
19 June 2008 @ 11:23 am EST

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NEW YORK - Swedish wireless equipment maker LM Ericsson AB said Thursday it signed a five-year information technology outsourcing contract with IBM that extends a deal set to expire in the fall.

Quotes

ERIC	7.45	-0.61
IBM	99.23	-4.21

The contract covers the update of Ericsson's information technology services, which have 70,000 users, the company said.

Financial terms were not disclosed. Charles King, an analyst with Pund-IT Research, said the deal appears to be worth several hundred million dollars to IBM.

Ericsson's American Depositary Shares fell 17 cents to $11.79 in morning trading, while shares of International Business Machines Corp. fell 56 cents to $123.60.

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