TietoEVRY has signed an agreement to sell its software businesses Alystra, Jydacom and TRYGG/2000 to a Nordic software company EG. This transaction is part of TietoEVRY’s strategy to seek focus and scale.
EG is a market leading vendor of industry-specific, standard software for Nordic private and public customers and the company employs about 1,500 people primarily in the Nordics. The transaction is a strategic fit to EG’s existing portfolio.
The strengths in Alystra, Jydacom and TRYGG/2000 lie in their software products, strong professional teams, and customer relationships. The businesses focus on creating software products for construction, retail, and transport markets. They have limited operational dependencies with the rest of TietoEVRY.
Top Automation News: Marvell Announces Industry’s First Commercial Switch Platforms with Dent to Accelerate Smart Retail and Enterprise Edge Infrastructure
There are about 80 employees in Finland and in Sweden in the scope of this transaction. The employees continue to work with their existing products, customer engagements and will have a unique opportunity to create the future success of EG to differentiate in the market.
“We trust that with EG the three software businesses have better ability to grow in the selected markets and continue developing the best solutions to the customers. We believe that the transaction opens new opportunities for the experts joining EG,” says Christian Segersven, Head of Industry Software and Financial Services Solutions at TietoEVRY.
“We are very pleased with the agreement to acquire Jydacom, Alystra and TRYGG/2000 as their software products are a perfect fit to our strategy of delivering industry-specific, standard software to our customers. We share the same business model, the same markets, and the same passion for the customers. We look very forward to welcoming the employees to EG,” says CEO Mikkel Bardram, EG.
Revenue of the businesses to be divested amounted to around EUR 13 million in 2020. The divestment is expected to be closed during Q4 this year. The divested units and the customer contracts will be transferred to EG at the time of closing.
Top Automation News: Latest from Qii.AI Seamless, Automatic Thermal Imagery Based Inspection Available now for Remote Digital Inspections
[To share your insights with us, please write to sghosh@martechseries.com]
