Finnish IT services company TietoEnator has acquired 95.5% of Inveos AG, a Hamburg, Germany-based IT consultancy that focuses on the banking and finance sectors. The acquisition pushes Espoo, Finland-based TietoEnator’s German staff up to 350 consultants.
Although the value of the transaction has not been disclosed, TietoEnator has said that Inveos generates approximately 17.5m euros ($22.1m) annual net sales with 120 employees. The 20-year-old company specializes in services for banks, insurance companies and leasing companies as well as in SAP systems. Its clients include Allianz, AXA, BHW, Deutsche Bank, Deutsche Leasing, Deutsche Ruckversicherung, Hamburger Sparkasse, HypoVereinsbank, Protection Re, Provinzial Nord Brandkasse, and Zurich Versicherungsgruppe.
This acquisition is in line with our international growth strategy. It strengthens our local competencies and broadens our customer base especially in the banking and insurance industries, said Volker Puke, senior vice president for Germany at TietoEnator’s Banking & Finance division, one of the group’s global focus areas, which operates in 15 countries.
This article is based on material originally produced by ComputerWire.