Mooreland Partners advises Tieto Oyj in the Sale of Its UK Financial Services Product Business to Sopra Group SA
London, UK – 13 February 2012 – Mooreland Partners is pleased to announce that it acted as exclusive financial advisor to Tieto Oyj (HLSE:TIE1), in the sale of Tieto UK Ltd. to Sopra Group SA (ENXTPA:SOP). Tieto Corporation has agreed to sell its financial services products business based in the UK to Sopra Group, a leading global technical consulting company, based in Paris, France. The unit provides various mortgages, savings, credit and debt collections systems to organizations including banks, lenders and collection agencies in the UK. This business currently employs approximately 160 people.
Net sales of the divested business amounted to EUR 22 million in 2011. Tieto estimates that it will book a capital gain of around EUR 15 million in its first-quarter results. The divestment is expected to be closed and its cash flow effect to materialize during the first quarter of 2012.
“The divestment is part of Tieto’s strategy to exit non-core businesses. The synergies between our UK-based products business and the rest of Tieto’s business in the country and other parts of Financial Services are very low and therefore we have decided to divest it. The rest of Tieto’s business in the UK remain unchanged i.e. our current services and customer relations for transaction banking products (payments and cash management), capital markets (securities), forest and energy solutions will continue,” says Per Johanson, Executive Vice President, Industry Solutions.
For more information, please contact:
Per Johanson, Executive Vice President, Industry Solutions, Tieto Corporation, tel. +46 76 8212029
Tieto is the leading IT service company in Northern Europe providing IT and product engineering services. Our highly specialized IT solutions and services complemented by a strong technology platform create tangible business benefits for our local and global customers. As a trusted transformation partner, we are close to our customers and understand their unique needs. With about 18,000 experts, we aim to become a leading service integrator creating the best service experience in IT. www.tieto.com
About Sopra Group
A leader in the European consulting, IT services and software development markets, Sopra Group generated revenue of EUR 1.17 billion in 2010 and employs over 13,000 people. Thanks to a longstanding culture of excellence and strong sector-specific, functional and technological know-how, the Group offers its clients an end to end approach based on a well-honed business model. Sopra Group’s ambition is to allow its clients to successfully execute transformation projects that will give them a competitive edge and help them drive growth. Sopra Group’s savoir-faire encompasses prior strategic reflection through to the supervision and implementation of major programmes. For more information, please visit our website www.sopragroup.com.