CLS Group (CLS), a provider of risk mitigation and operational services to the financial services industry and the foreign exchange (FX) market, has reaffirmed its technology partnership with IBM, as the two groups enter into a new stage of their alliance that began over fourteen years ago, according to a CLS statement.

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IBM is one of the most widely known and utilized technology providers in the United States. The group has been an active partner with CLS since 2002, which over the past decade has seen settlement accords that have helped mitigate risk on the global FX market.

The nature of the latest partnership between CLS and IBM is important as it will focus on technology infrastructural support, with additional considerations towards ongoing innovation, service optimization capabilities, as well as the advancement of new business opportunities. All of these areas will be playing a key role in CLS’ business plan moving forward as the deal runs for an additional period of ten years.

According to David Puth, Chief Executive Officer (CEO) of CLS, in a recent statement on the partnership extension: “IBM has been a key partner to CLS for over a decade. The expertise and support it has provided since our inception has been central to our ability to provide a critical role in the FX market.”

“This contract renegotiation will deliver significant cost-savings and, in addition, help to facilitate continuous improvement to our current infrastructure and maintain our highly resilient service standards. This, in turn, will benefit our settlement members, support our growth objectives and enhance our strategic partnership with one of the world’s leading technology companies.”

Martin Jetter, IBM Senior Vice President, commented: “Our continued collaboration in technology infrastructure support, innovation, service optimization and the exploration of new business opportunities lays a solid foundation for CLS’s future success and will help to develop an even stronger working partnership over the next decade.”