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Hewlett-Packard Co. (HPQ - Analyst Report) recently announced to have sealed a business process outsourcing ('BPO') deal with bellwether brewer Molson Coors Brewing Co. (TAP - Analyst Report) for an undisclosed sum. Per the deal terms, Molson Coors will adopt H-P’s cloud-based services to streamline its business operations.

Denver, Colo-based Molson Coors is one of the world’s largest brewers. It manages more than 65 leading beer brands and operates in 30 countries through its five subsidiaries. In order to reduce overhead costs and boost profitability, Molson Coors has undertaken restructuring initiatives. Among other plans, Molson Coors was eager to improve efficiencies in finance, administration and human resources. The brewer’s selection of H-P’s services goes hand-in-hand with the company’s restructuring plans.

Per the contract, H-P will host certain back-office jobs such as the Finance and Human Resource process within its data center. The process outsourcing will allow Molson Coors to spend less time on supervision and focus more on generating new business ideas.

H-P’s association with Molson Coors dates back to 2005, when the brewer took up its infrastructure services. Since 2008, the tech giant has been providing Molson Coors with its BPO services. The tie-up clearly shows the brewer’s reliance on H-P’s services, which is a positive for the tech giant’s fundamentals. Molson Coors success with H-P’s technology can lure other brewers to take up similar services from H-P to remain competitive, which could be another key driver.

Earlier this month, H-P sealed a deal with automatic test equipment manufacturer Teradyne Inc. (TER - Analyst Report) for an undisclosed sum. Per the deal terms, Teradyne will deploy a host of networking solutions from H-P to replace the legacy networking system and enhance its information technology (‘IT’) infrastructure.

Though further indication of PC market slump in 2013, declining revenues and competition from Dell Inc. are concerns, back-to-back product launches, growing exposure into enterprise storage space and continuous deal wins are encouraging.

Currently, H-P has a Zacks Rank #2 (Buy).

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