Tieto acquires Canvisa Consulting, a leading financial services sector consultancy in Sweden

Tieto has acquired Canvisa Consulting, one of the leading Swedish consultancy companies in business and IT development within the financial services sector. The acquisition will strengthen Tieto’s position as a supplier of IT solutions and consulting services to the banking and insurance industry. Furthermore, Canvisa will enhance Tieto’s capabilities in industry consulting and large-scale project deliveries in the Nordic region. Hence, the acquisition supports Tieto’s long-term strategy to offer full life-cycle IT services.

Canvisa Consulting was founded in 2002 and has 37 employees. For the financial year May 2012-April 2013, Canvisa reported net sales of SEK 68.6 million (EUR 8.2 million). Together, Tieto and Canvisa will be able to offer industry consulting, project management, systems development, industry-specific applications and IT operations management services.

“The acquisition of Canvisa Consulting is important to Tieto as it strengthens our capability to support our customers in their transformation and to implement changes driven by new compliance regulation and a constantly changing marketplace,” says Per Johanson, Executive Vice President, Financial Services, Tieto. “Furthermore, with Canvisa, we will also be able to strengthen our system integration competences in other industries. This is well in line with our company strategy.”

“Tieto and Canvisa Consulting already share a number of customers, and we complement each other’s expertise very well. The timing of this agreement is good given the speed of change in the financial services industry, and we are looking forward to deepen our collaboration with customer organizations on all levels. By joining forces, Tieto and Canvisa will create added value for customers in the financial services sector that few others can match,” says Lars O Anderson, CEO of Canvisa Consulting.

For further information, please contact:
Per Johanson, Executive Vice President, Tieto Financial Services and Country Manager, Tieto Sweden, mobile: +46 768 21 2029, per.johanson(at)tieto.com
Lars O Anderson, CEO, Canvisa Consulting, mobile +46 733 51 5917 lars.o.anderson(at)canvisa.se

TIETO CORPORATION

DISTRIBUTION
Principal media

Tieto is the largest Nordic IT services company providing full life-cycle services for both the private and public sectors and product development services in the field of communications and embedded technologies. The company has global presence through its product development business and global delivery centres. Tieto is committed to developing enterprises and society through IT by realizing new opportunities in customers’ business transformation. At Tieto, we believe in professional development and results.

Founded 1968, headquartered in Helsinki, Finland and with approximately 15 000 experts, the company operates in over 20 countries with net sales of approximately EUR 1.8 billion. Tieto’s shares are listed on NASDAQ OMX in Helsinki and Stockholm. Please visit www.tieto.com for more information.