The Collaborative International Dictionary of English v.0.48:

Undertaker \Un`der*tak"er\, n.
   1. One who undertakes; one who engages in any project or
      business. --Beau. & Fl.
      [1913 Webster]

   2. One who stipulates or covenants to perform any work for
      another; a contractor.
      [1913 Webster]

            To sign deputations for undertakes to furnish their
            proportions of saltpeter.             --Evelyn.
      [1913 Webster]

            In come some other undertakes, and promise us the
            same or greater wonders.              --South.
      [1913 Webster]

   3. Specifically, one who takes the charge and management of
      funerals.
      [1913 Webster]

WordNet (r) 3.0 (2006):

undertaker
    n 1: one whose business is the management of funerals [syn:
         mortician, undertaker, funeral undertaker, funeral
         director]