TietoEnator Corporation STOCK EXCHANGE RELEASE 7 December 2005, 10.00 am EET
TietoEnator and OMX have signed a Memorandum of Understanding (MoU) regarding the creation of a joint venture company on IT solutions and services for banks and brokerage firms in Northern Europe.
The new company will combine TietoEnator's investment management solutions with OMX's back office technology solutions. Both companies plan to transfer relevant assets, customers and employees to create a new leading provider of securities processing and asset management solutions in Northern Europe - including the assets of OMX's Libra business operation, specialized in developing software for the financial market in Iceland.
According to the plans TietoEnator will be the majority owner of the new company. The joint venture is expected to have yearly net sales of over EUR 32 million and more than 200 employees. TietoEnator currently has 90 employees working within the investment management solutions area.
The final agreement is expected to be signed before the year end for the new joint venture to become operative during the first quarter of 2006, after received regulatory approvals.