Recently-listed IVE Group has received a massive boost by picking up a five-year contract to provide print management and design services to banking giant Westpac Banking Corporation.
IVE has signed a non-binding Letter of Intent with Westpac to provide graphic design and print management services following a competitive tender process. The lucrative Westpac contract was previously held by Stream Solutions - a print management business owned by Toll – and a number of other parties.
In a statement to the ASX, IVE said a full service rollout in expected within the first half of this year.
IVE Group and Westpac will now work co-operatively to develop a legally binding agreement and jointly undertake transition and implementation planning for an expected full service rollout within the first half of 2016.
It is intended that a binding agreement will be executed by 31 March 2016 and will be for a five year term.
The size of the deal has not been disclosed. A spokesperson for IVE said both parties had agreed there would be no further comment at this time, citing continuous disclosure obligations.
Print and marketing company IVE – formerly Blue Star – last month successfully launched on the Australian Stock Exchange just six months after being forced to cancel a failed attempt in June.
In November 2015, Westpac confirmed a 3% rise in full year cash profit to $7.82 billion.