SimCorp, leading provider of investment management systems and TietoEnator, the largest IT services company in the Nordic countries, have agreed to enter into cooperation within the area of IT solutions for the financial industry. The agreement means that SimCorp further strengthens its position in the Nordic market.
SimCorp and TietoEnator are already offering market leading standardised products for fund administration in several different market segments. TietoEnator has its strengths in the Shareholder Ledger segment (TietoEnator Client Manager, TCM) and SimCorp in Investment Management (SimCorp Dimension). Both parties now envisage a potential to complement each other and thereby provide financial institutions with enhanced benefits and services due to closer integrated solutions and facilitated administration processes.
TietoEnator has extensive experience in running projects for the Banking and Insurance sector and thus the companies will cooperate on selected SimCorp Dimension implementation projects in the Nordic countries.
As a result of the agreement TietoEnator plans to discontinue its software development of the portfolio systems, TietoEnator Fund Manager and Optima. SimCorp will offer these clients to migrate to SimCorp Dimension.
In the first phase of the agreement a close collaboration in the Nordic region is established and based on the experience gained the parties will at a later stage analyse the potential for future global co-operation.