Tieto And Entra Merge Knowhow in Financial Services Sector
The boards of directors of Tieto Corporation in Finland and Entra Data AB in Sweden have decided to merge their IT businesses serving the banking, financing and insurance sectors. The new corporate entity created by the merger will be a leading provider of information technology (IT) services to the financial sector in Northern Europe. The new company will have annual net sales of approximately FIM 400 million with 700 employees in Sweden, Finland, Norway and Denmark. The new Entra will comprise the business units of Entra Data together with the Banking and Insurance business unit of Tieto’s Financial Services division and one of Tieto’s subsidiary in Sweden, Tieto Financial Systems AB. Entra’s A share will continue to be listed on the Stockholm Stock Exchange. Implementation.