TietoEnator acquires Abaris the Nordic provider of securities processing solutions
4 January 2007, TietoEnator has strengthened its position in the Nordic capital markets area by the acquisition of the entire share capital of the Swedish company Abaris, a specialist in securities processing solutions. Abaris has a strong position in the Swedish as well as the Finnish and Norwegian market with some 86 employees and operations in Stockholm, Gävle, Helsinki and Oslo. This is a key step for TietoEnator to implement its strategy and become the Nordic market leader in the capital markets solutions area. The acquisition is effective as of January 2007.
The main customers of Abaris include Nordea, OKO Bank, Skandia, Nordnet Securities, Öhman, Glitnir and First Securities. The company offers software solutions for the capital markets within the areas of securities trading, fund management and private banking. About 25% of all the transactions on the Nordic stock exchanges are processed through Abaris’ solutions. Net sales in 2007 is expected to amount to EUR 10 million.
Erik Tobieson, Deputy Chairman and representative for the main owners of Abaris, says: “The market demand for IT support within securities processing is strongly increasing. Together with TietoEnator we will have a greater potential to fulfil our existing and new clients’ needs with our systems and solutions.”
Ulla Lilja Berg, Head of TietoEnator Banking & Insurance Sweden, says: “TietoEnator’s strategy is to become the leading pan-Nordic provider by offering best of breed solutions within securities processing and asset management. The acquisition will support this vision by combining TietoEnator and Abaris solutions, customer bases and market expertise as well as TietoEnator’s size and brand. This combination will create a strong and trustworthy supplier, able to offer credible solutions to all market segments.”
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.
- Contact Information
- Ulla Lilja Berg
- Senior Vice President, TietoEnator Banking & Insurance
- TietoEnator Corporation
- Contact via E-mail
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