ESPOO, Finland, March 19, 2002 (PRIMEZONE) -- The Norwegian Ministry of Trade and Industry approves TietoEnator's takeover of Ementor Financial Systems from Merkantildata.
The deal was announced on February 14, 2002 and means that TietoEnator acquires 100% of the shares in Ementor Financial Systems ASA (former Provida). The company, which is the leading provider of software solutions within the Norwegian banking and finance markets, will now become a part of TietoEnator Banking and Finance. The acquisition means that TietoEnator consolidates its position as the number one IT-partner for the banking and finance sector in Northern Europe.
Ementor Financial Systems has 310 employees and had a turnover of approximately 42 MEUR (338 MNOK) in year 2001. Almost 50 percent of the business comes from outside Norway. On an international level, the company focuses on international banking solutions and core bankingsolutions for large and medium sized banks.
Banking and finance is one of TietoEnator's areas of focus on a global level. TietoEnator Banking and Finance operates in 12 countries with almost 2200 experts and over 350 customers worldwide. In addition to Internet banking solutions, TietoEnator Banking and Finance also commands strong expertise in payment solutions and selected capital market solutions.
With almost 11,000 employees and annual net sales of EUR 1.1 billion, TietoEnator is a leading supplier of high value-added IT services in Europe. TietoEnator specializes in consulting, building 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 latest information technology.
For more information please visit the www.tietoenator.com
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