TietoEnator acquires Ementor Financial Systems

TietoEnator acquires Ementor Financial Systems

TietoEnator is to acquire Ementor Financial Systems, purveyor of the Provida banking software suite, from Merkantildata in a Nkr460 million cash deal.

Ementor Financial Systems is a separate business unit within Ementor, Merkantildata's management consulting and IT solutions business area. The company provides software solutions and services to the Nordic bank, insurance and finance industry, and has additional business outside the Nordic region.

Formerly Provida, the Norwegian company has 310 employees and had a turnover of approximately Nkr330 million in year 2001 and Nkr267 million in year 2000. Net income in 2001 was Nkr17.8 million. It specialises in the development of payment switching, confirmation and nostro reconciliation services for international and domestic banks.

Merkantildata's profit from the sale will be approximately Nkr90 million. The transaction will free approximately Nkr320 million in cash, and reduce the goodwill in Merkantildata's balance sheet by Nkr166 million.

The sale of Ementor Financial Systems is in line with Merkantildata's strategy to focus on core business, and will significantly improve the financial position of the group.

TietoEnator banking and finance operates in 11 countries with 1900 staff and over 300 customers worldwide.

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