FRANKFURT (Reuters) -- The services arm of German phone giant Deutsche Telekom said Monday that it had won an extension of a contract with DaimlerChrysler AG, which sources valued at about $1.36 billion.
T-Systems Chief Executive Konrad Reiss told Reuters the long-standing network services agreement with DaimlerChrysler would be extended for three years and significantly expanded to include Mitsubishi Motors Corp, which is 37 percent owned by DaimlerChrysler.
Sources close to the deal said the deal for network services and support was among the largest that T-Systems had pulled off this year.
The company said the contract could be extended by a further two years when the current term expired in 2006.
Reiss said some of the new orders would be included in this year's turnover.
T-Systems is one of Europe's top information technology services companies but generates 80 percent of its sales in Germany, where information technology spending fell for the first time last year.
Nonetheless, Reiss was upbeat about the prospects for his company, which won a multimillion euro deal with planemaker Airbus this summer.
"We're very pleased with the way orders have been coming in in the past six months," he said.