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Tieto Acquiring EVRY: Both Local Champions in the Nordics, but Very Different Firms
Jul 17, 2019, by Dominique RaviartTieto recently announced its intention to acquire EVRY. The company is offering 0.12 Tieto share and NOK 5.28 in cash per EVRY share. EVRY shareholders will receive €0.2bn in cash and 37.5% of Tieto’s capital, valuing EVRY to ~€1.4bn ($1.6bn). Also, Tieto is taking over the net debt of EVRY (NOK 6bn/$0.7bn). The acquisition will give birth to the largest Nordics-he[...]
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EVRY To Be Taken Private by Apax Partners: Tieto Misses the Opportunity to Acquire a Company in Recovery
Dec 08, 2014, by Dominique RaviartEVRY has announced its largest shareholders, Posten Norgen and Telenor Business Partner Invest are to sell their shares (representing a combined 70.24% of capital) to Apax Partners. Apax Partners has secured an additional 3.15% of EVRY shares from Folketrygdfondet (Norway’s government pension fund) and is to launch a NOK 16 per share all-cash public tender. The tender values EVRY at ~$6[...]
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Tieto To Cut 30% of its Telecoms R&D Services Unit
Oct 02, 2014, by Dominique RaviartTieto is to cut ~900 to ~950 roles. 300 to 350 of the job cuts will be in Finland and the remaining 600 in APAC (China and India) and Eastern Europe (Poland and Czech Republic). The job redundancy program results from the decision by a major client, representing several percentage points of Tieto's revenues, to insource some of its R&D services. The financial impac[...]
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Tieto Q2 2014 Revenues: Product Development Business Remains Problematic
Jul 18, 2014, by Dominique RaviartTieto's Q2 2014 revenues were €386.4m, down 7.3% y/y, and down 1.3% y/y at constant currency. (for full details see here) Q2 2014 revenue (and growth both on an actual and CC/organic basis) by service line was: Managed Services: €132m (+5%, +9%). Half of the CC organic growth this quarter resulted from hardware reselling as part of a large IT infrastruct[...]
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