GardaWorld wins $1.4B US outsourcing deal with Bank of America
Montreal-based GardaWorld has signed a $1.4 billion outsourcing deal with Bank of America to manage its cash processing and cheque imaging services in 32 locations across the United States.
The contract, which runs for 12 years, will see about 1,000 of the bank's employees transfer to GardaWorld Cash Services.
The deal is expected to close in the first quarter of 2014. After that, GardaWorld said it will operate as a service provider to Bank of America.
"This transaction more than doubles the capacity of GardaWorld's existing cash processing platform and creates an undisputed market leader in our industry," said GardaWorld Cash Service president Christopher Jamroz in a release.
GardaWorld employs 45,000 people providing business solutions and security around the world.