TietoEnator and OMX continue cooperation, the joint venture company plans cancelled
27 March 2006, TietoEnator and OMX have decided not to create the joint venture company announced in December 2005 (TietoEnator and OMX plan a joint venture company). The company was planned to provide IT solutions and services for securities processing and asset management in Northern Europe. The parties have now mutually decided to continue the strategic cooperation on IT operations as well as software solutions.
As a concrete result of the cooperation TietoEnator Processing & Network and OMX have made an agreement on IT operations to OMX’s Banks & Brokers business. The value is about MEUR 13.6 for the coming three years. 21 employees will move to TietoEnator Processing & Network. The IT environment is based on AS/400 and Windows/UNIX. The agreement will double TietoEnator’s AS/400 capacity in Sweden.
Sakari Lehtola, Senior Vice President, TietoEnator Processing & Network is pleased: “This agreement gives us a substantial volume in the banking and insurance sector, which is a part of our strategy.”
Based on the work that has been conducted with OMX, TietoEnator Banking & Insurance is in the process of finalizing the structure of a future cooperation in the development and delivery of a pan-Nordic securities processing solution. In this structure, TietoEnator will initially work as a subcontractor to OMX.
Knut Holmen, Senior Vice President, TietoEnator Banking & Insurance says: “During the process we have verified that with our joint competencies and market position, we are well positioned to create a leading solution in the Nordic marketplace. We have however come to the conclusion that a joint venture company was not the right framework for the cooperation at this stage.”
In IT operations area the net sales will increase with over MEUR 4.2 in 2006 starting Q2. The impact of the common activities in the solutions area on TietoEnator’s net sales is not expected to be material in 2006
TietoEnator is among the leading architects in building a more efficient information society and one of the largest IT services providers in Europe. TietoEnator specializes in consulting, developing and hosting its customers’ business operations in the digital economy. The Group’s services are based on a combination of deep industry-specific expertise and the latest information technology. TietoEnator has over 15 000 experts in more than 25 countries.
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