The acquisition will strengthen Tieto's position as a supplier of IT solutions and consulting services to the banking and insurance industry. Furthermore, Canvisa will enhance Tieto's capabilities in industry consulting and large-scale project deliveries in the Nordic region.

Hence, the acquisition supports Tieto's long-term strategy to offer full life-cycle IT services.

Canvisa Consulting was founded in 2002 and has 37 employees. For the financial year May 2012-April 2013, Canvisa reported net sales of SEK 68.6 million (EUR 8.2 million). Together, Tieto and Canvisa will be able to offer industry consulting, project management, systems development, industry-specific applications and IT operations management services.

"The acquisition of Canvisa Consulting is important to Tieto as it strengthens our capability to support our customers in their transformation and to implement changes driven by new compliance regulation and a constantly changing marketplace," says Per Johanson, Executive Vice President, Financial Services, Tieto. "Furthermore, with Canvisa, we will also be able to strengthen our system integration competences in other industries. This is well in line with our company strategy."

"Tieto and Canvisa Consulting already share a number of customers, and we complement each other's expertise very well. The timing of this agreement is good given the speed of change in the financial services industry, and we are looking forward to deepen our collaboration with customer organizations on all levels. By joining forces, Tieto and Canvisa will create added value for customers in the financial services sector that few others can match," says Lars O Anderson, CEO of Canvisa Consulting.