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The contract is for the provision of new wide area network services in addition to a Lan, voice services and firewall.
Barclays said the technology and services would offer a platform for the development and delivery of improved services with faster deployment.
Danelle Dinsdale, technology partner at law firm DLA Piper, part of the Barclays contract negotiation team, said, "Barclays has renegotiated all its various service agreements into one framework agreement and has negotiated substantial savings on the back of that."
In the past, Barclays has preferred to sign deals for IT and outsourcing with a range of suppliers, rather than using one supplier in a "mega deal".
Last year the bank signed a six-year, £400m IT outsourcing deal with Accenture - the deal was one of the biggest outsourcing contracts of 2004. Barclays also outsourced its desktops to IT services company EDS under a £211m deal signed in 2003.
Last month the bank extended a business outsourcing contract with Siemens Business Services by two years in a deal worth approximately £45m.