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Tietoevry considers spin-off and listing of banking unit

Tietoevry considers spin-off and listing of banking unit

Finnish IT services provider, Tietoevry, has announced that it is mulling over the option of separating and listing the Tietoevry Banking unit, as part of a wider strategic review.

Published Friday the 22nd of July, the release explains that with annual revenue close to €500 million and around 3,600 employees covering 400 global customers, Tietoevry Banking would achieve more as an independent entity. The banking unit offers software as a service (SaaS), interoperable solutions, and data-driven platforms in its product portfolio.

Should the spin-off go ahead, the separation of the fintech’s banking arm from the wider Tietoevry Group would be expected to be completed in Q2 2023. Following this separation and a “favourable” listing assessment, Tietoevry would also seek to list the banking business in Q2 2023.

Kimmo Alkio, president and CEO of Tietoevry commented: “We are today announcing a key decision to take our strategy forward. Tietoevry Banking offers highly competitive software and platforms for Nordic and global financial institutions. As an independent entity, we believe that the business would have higher focus, build a clear financial services software identity to attract the best talent and enhance the value to its customers. This would potentially unlock further value for Tietoevry shareholders.”

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