TietoEnator buys out Primasoft

Source: TietoEnator

TietoEnator has entered into an agreement on acquiring the shares of Primasoft Oy, a joint venture owned by TietoEnator (60%), Sampo Plc (20%) and Sampo Bank/Danske Bank (20%).

TietoEnator now owns the entire share capital of Primasoft. At the same time parts of Primasoft's application management business were sold to If P&C Insurance Company and Sampo Life.

In 2007, Primasoft Oy's net sales amounted to approximately EUR 62 million. The turnover of the sold application management business is about EUR 10 million annually.

This arrangement concerns all Primasoft's 290 employees. About 100 employees will transfer to If P&C Insurance Company, and a maximum of 10 employees will move to Sampo Life. The remaining part of Primasoft's business and employees will be integrated into TietoEnator. A maximum of 50 people will continue in the Processing & Network business area and 130 people will stay on in the Banking & Insurance business area.

All personnel arrangements will be implemented by June 1, 2008.

TietoEnator's services to Danske Bank, If P&C Insurance Company and Sampo Life that are not part of the arrangements will continue as agreed upon earlier. All TietoEnator's other insurance business activities will continue unchanged.

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