IBM secured a whopping $80m services contract with Brazilian insurance firm SulAmerica - a subsidiary of Dutch financial services giant ING Group - to manage the company's IT infrastructure.

SulAmerica expects the deal, which is spread across ten years, to result in a 25% in cost savings primarily through streamlined operations and maintenance.

IBM’s Global Services division will be responsible for a large chunk of SulAmerica’s diverse applications infrastructure, comprising of email and billing applications.

Sao Paulo-based SulAmerica expects IBM to save over $35m over the next decade.

SulAmerica, which offers insurance, pension and asset administration services, is the first ING subsidiary to sign this type of contract in Latin America.