Solidium invests in Tieto Corporation8.4.2010
Solidium now holds 5.0 per cent of the shares
Solidium Oy has acquired 5.0 per cent of the shares in Tieto Corporation for approximately EUR 58 million. Tieto is among the leading IT service companies in Northern Europe and the global leader in selected segments. Solidium is now the third largest owner in Tieto.
"Solidium's mission is to own nationally important companies and Tieto is considered to be one of the companies fulfilling Solidium's mission and targets particularly well", says Solidium's Managing Director Kari Järvinen." Tieto is an important Nordic services provider and fits Solidium's ownership interests excellently. The company has great possibilities to grow profitable in its strategic growth areas and we believe that Tieto is a good investment in the long term. Finnish ownership in Tieto is highly motivated and therefore we might increase our holding in the company further, however, taking market conditions into consideration."
Tieto is an IT service company providing IT, R&D and consulting services. The company is among the leading IT service companies in Northern Europe and the global leader in selected segments. Tieto's target is to become the leading IT service company in Northern Europe, with a significant presence in Russia, and the world leading telecom R&D partner by 2011. In 2009, net sales of Tieto totalled approximately 1.7 billion euro and the operating profit excluding one-off items amounted to 108 million. The number of full-time employees in 26 countries amounted to approximately 16,700 at the end of December, 2009 of which 5,800 in Finland. The company's shares are listed on NASDAQ OMX in Helsinki and Stockholm.News