TietoEnator has acquired 95.5 % of the share capital of Inveos, a Hamburg-based provider of IT and consultancy services to banks, insurance companies and leasing companies.
Inveos' clients include AXA Deutsche Bank, HypoVereinsbank and Zürich Versicherungsgruppe. The firm currently has 120 employees.
Volker Puke, senior vice president for business sector Germany, TietoEnator Banking & Finance, says: "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."
TietoEnator says the acquisition brings the its total number of staff in Germany to 350.
Commenting on the acquisition, Friedrich Helmut Hohendorff, CEO, Inveos, says: "Being part of the TietoEnator Group gives us strength and competencies to serve our customers on a much broader base and expand our well-established services for the bank, insurance and leasing industry as a part of an international network."