IBM will provide global "on-demand technology services" for Equifax's operations in the US, Canada and Europe as part of the deal. Executives at Equifax expect this to generate savings of $5m (£3.3m) in 2003 and $9m (£6m) in 2004. This figure is expected to grow to more $20m (£13.3m) annually by 2006.
Under the terms of the contract, IBM will manage Equifax's mainframes, mid-range servers, web systems, networks and a global helpdesk. It will also provide an advanced enterprise system and asset management tools.
Equifax chairman Thomas Chapman said that the deal will help the company meet customer demands over the coming years.
"This innovative agreement is another significant step forward - it provides Equifax with a global technology infrastructure that is responsive to changes in demand, and allows us to continue delivering world-class products and services to our customers," he said.
The new deal adds five and a half years to an existing relationship between the two companies, doubling the previous contract value from $400m (£267m) to $800m (£533m).
The agreement comes hot on the heels of the $1.1bn (£678m) megadeal that was recently awarded to IBM by engineering giant ABB. Under the terms of the 10-year deal, which was announced last month, ABB outsourced 90% of its IT infrastructure operations to IBM Global Services.