Scandinavian IT services firm TietoEnator has taken over the business activities of Hamburg-based Advanced Financial IT Consulting (adfincon), a subsidiary of German banking group HypoVereinsbank.
Founded in September 2000, adfincon provides IT services to financial services providers and specialises in the implementation of SAP banking components, such as SAP Financial Database and SAP Bank Analyser.
Under the deal, which went into effect on 1 October 2004, 16 HVB employees have transferred to TietoEnator.
The transaction also includes an agreement on a "strategic co-operation" between HVB and TietoEnator.
TietoEnator says the acquisition will extend the SAP-based services it offers - both in the Scandinavian and German markets.
The vendor bought 95.5% of the share capital of Inveos, a Hamburg-based provider of IT and consultancy services to banks, insurance companies and leasing companies, in January this year.