TietoEnator Acquires Norwegian Ementor Financial Systems


ESPOO, Finland, Feb. 14, 2002 (PRIMEZONE) -- TietoEnator has acquired the entire share capital in Ementor Financial Systems ASA (former Provida), a fully owned subsidiary of Merkantildata Group and the leading provider of software solutions within the Norwegian banking and finance markets. The acquisition means that TietoEnator consolidates its position as the number one IT-partner for the banking and finance sector in Northern Europe. It also strenghthens TietoEnator's global spearhead solution offerings and international customer base.

The purchase price is MEUR 59.

Ementor Financial Systems has 310 employees and had a turnover of approximately 42 MEUR (338 MNOK) in year 2001. Through a portfolio of standard components, the company is able to provide market-leading banking and finance software solutions. Almost 50 percent of the business comes from outside Norway. On an international level, the company focuses on international banking solutions and core banking solutions for large and medium sized banks. Among the customers are for example Barclays Bank, The Royal Bank of Scotland, Banca di Roma, Nordea, Den Norske Bank, Sampo and Swedbank.

- The acquisition of Ementor Financial Systems not only strengthens our position in the Norwegian banking and finance markets, it also gives us a stronger Nordic organisation to meet the demands from our Nordic key customers. Furthermore, the combination of TietoEnator Banking and Finance's and Ementor Financial Systems' solution offerings and international customers, will speed up the process of becoming the leading global provider of selected banking and finance solutions, says Veli Pohjolainen, Senior Executive Vice President of TietoEnator.

- We believe that the transaction will provide a good industrial basis for development of the key competencies and software portfolio of Ementor Financial Systems on a global basis, says Gottfred Langseth, Chief Financial Officer, Merkantildata.

Banking and finance is one of TietoEnator's areas of focus on a global level. TietoEnator Banking and Finance operates in 11 countries with more than 1900 experts and over 300 customers worldwide. In addition to Internet banking solutions, TietoEnator Banking and Finance also commands strong expertise in payment solutions and selected capital market solutions.

The transaction is subject to approval by the authorities concerned.

With over 10,000 employees and annual net sales of EUR 1.1 billion, TietoEnator is a leading supplier of high value-added IT services in Europe. TietoEnator specialises in consulting, building and hosting its customers' business operations in the digital economy. The Group's services are based on a combination of deep industry-specific expertise and latest information technology. www.tietoenator.com

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