The two organisations will work together to improve council services, particularly in the fields of business transformation and property regeneration.
A key aspect of the contract is the creation of a joint venture company, involving the secondment of 350 council staff.
Councillor Andrew de Freitas, leader of the council, said, "The partnership will make council services more customer-friendly and streamlined, allowing most residents' requests to be dealt with at a single "one stop shop" point rather than being passed to different departments."
He added, "New information management systems will create a more cohesive approach, allowing services to be developed around the specific needs of those who live and work in the community."
He said the contract will also speed up the delivery of the council's regeneration strategy, including key development programmes such as the Building Schools For The Future Scheme."