Investment manager Franklin Resources Inc. is cutting short a services contract with IBM Corp., the company disclosed in a securities filing Wednesday.
The agreement, in which IBM provides data storage, technical support and other services, will now end April 5, 2010. Only IBM's business-recovery services will run through Feb. 28, 2011, as previously stipulated.
IBM, based in Armonk, N.Y., will provide six months of transition assistance as Franklin and a third company take over the work, according to the filing. Franklin said it will not have to pay any "material" early termination fees.
No other financial details were disclosed.
Shares of San Mateo, Calif.-based Franklin rose 18 cents to close at $102.96, while IBM gained $1.43 to close at $122.78.
