Nordic IT services vendor TietoEnator has acquired Abaris, a Swedish provider of securities trading, fund management and private banking technology. Financial terms of the deal were not disclosed.
The Stockholm-based firm provides capital markets technology to banks in the Nordic region including Nordea, OKO Bank, Skandia, Nordnet Securities, Öhman, Glitnir and First Securities. TietoEnator says around 25% of all the transactions on the Nordic stock exchanges are processed using Abaris technology.
The Swedish firm has some 86 employees and operations in Stockholm, Gävle, Helsinki and Oslo. Its net sales in 2007 are expected to hit EUR10 million.
Commenting on the acquisition, Ulla Lilja Berg, head of TietoEnator banking and insurance, Sweden, says: "TietoEnator's strategy is to become the leading pan-Nordic provider by offering best of breed solutions within securities processing and asset management. The acquisition will support this vision by combining TietoEnator and Abaris solutions, customer bases and market expertise."