Business transactions

In May, Tieto acquired all shares in Tieto Estonia Services OÜ, a subsidiary previously owned by Tieto (60%), SEB (20%) and Swedbank (20%).

In September, Tieto signed an agreement to acquire Emric, the Nordic market leader in software and services for credit processing. The acquisition will strengthen Tieto’s position as a business renewal partner for Nordic financial services customers. Tieto expects the transaction to contribute to the company’s ambition to accelerate its scalable software business and to be accretive to the company’s growth and profit targets as from 2017. In 2015, Emric’s net sales amounted to around EUR 20 million and the number of employees to around 200.

In September, Tieto acquired the software assets and related rights from Oppad, a provider of administrative solutions for schools and daycare in Norway. The aim is to strengthen the company’s digital offering in the education sector.