TietoEnator and Finnish Esy negotiate IT co-operation

TietoEnator Corporation Stock Exchange Release 6 June 2005, 9.00 am EET

Employee pension IT company, Esy Oy, and its shareholders are negotiating the start of a close co-operation with TietoEnator. The objective is to create a broader technology, skills and resources base in order to develop Esy's business operation and customer services.

The co-operation will mean Esy will be able to enjoy the benefits of a large-scale operation by taking advantage of TietoEnator's work methods, as well as centrally developed operational models, processes and methods. It will also have a positive effect on Esy's capacity for providing excellent service, e.g. in new technology projects.

When the co-operation has been established, the controlling interest in Esy will transfer to TietoEnator, although the present shareholders will retain control of the company. The two parties aim to embark on the IT partnership at the beginning of 2006.

Esy Oy is a prominent supplier of employee pension IT services. The company is owned by Varma Mutual Pension Insurance Company (70%), Mutual Insurance Company Pension-Fennia (19%), Veritas Pension Insurance Company (7%), and Henki-Sampo Insurance Company (4%). Esy employs in the region of 180 employees and its turnover is around €24 million.

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