Hewlett-Packard Lands Multibillion Dollar Cloud Services Deal for Deutsche Bank

Computing and IT services giant Hewlett-Packard said that it has won a 10-year “multibillion dollar” deal to run computing systems for Deutsche Bank.

Under terms of the agreement, HP will build a custom version of its Helion cloud computing service for Deutsche Bank, which will provide computing capacity, storage and a development platform for its wholesale banking business. The deal includes a dedicated data center.

This is a key win for HP, a late entrant to cloud services behind larger players like Amazon’s Web Services and IBM’s SoftLayer. HP launched Helion last May with a pledge to spend at least $1 billion on new data center capacity around the world. The service is based on the open source cloud operating system called OpenStack.

Big companies like Deutsche Bank have sought to save money on computing infrastructure by turning to third parties like Amazon Web Services who lease computing capacity as an on-demand service. The result has been that companies tend to buy less of the computing hardware they used to from vendors like HP and IBM. This has in turn forced them to build or buy their own cloud services like Helion in HP’s case, and SoftLayer in IBM’s.

HP shares fell slightly as the markets opened for trading this morning. It will report results of its first fiscal quarter later today.

This article originally appeared on Recode.net.