Tieto Oyj is an IT service company domiciled in Helsinki, Finland

Finland

Finland , officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.Around 5.4 million people reside...

.

Active in close to 30 countries with approximately 18,000 employees, Tieto is one of the largest IT service providers in Europe.

The company provides services to the following sectors: automotive, financial services, telecom & media, healthcare & welfare, forest, energy, manufacturing, retail & logistics and public.

The company's shares are listed on the NASDAQ OMX Helsinki and Stockholm

Stockholm

Stockholm is the capital and the largest city of Sweden and constitutes the most populated urban area in Scandinavia. Stockholm is the most populous city in Sweden, with a population of 851,155 in the municipality , 1.37 million in the urban area , and around 2.1 million in the metropolitan area...

.

Founding

TietoEnator Corporation was formed by the combination of Tieto Corporation in Finland and Enator AB in Sweden on 7 July 1999.

After the merger TietoEnator has strengthened its expertise in chosen industries, for instance by acquiring IT service companies and outsourced IT units. On 1 December 2008, the company launched a new corporate brand and marketing name Tieto (which means knowledge

Knowledge

Knowledge is a familiarity with someone or something unknown, which can include information, facts, descriptions, or skills acquired through experience or education. It can refer to the theoretical or practical understanding of a subject...

 in Finnish

Finnish language

Finnish is the language spoken by the majority of the population in Finland Primarily for use by restaurant menus and by ethnic Finns outside Finland. It is one of the two official languages of Finland and an official minority language in Sweden. In Sweden, both standard Finnish and Meänkieli, a...

). The official registered name of the company is now Tieto Corporation.

Takeover offer

Tieto received an unsolicited offer to acquire

Mergers and acquisitions

Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...

 the company from the private equity

Private equity

Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....

 firm Nordic Capital

Nordic Capital

Nordic Capital is a private equity investment firm focusing on leveraged buyout transactions primarily in the Nordic region . Nordic invests across a broad array of industries and will invest in turnaround and growth capital transactions.Nordic is based in Stockholm, Sweden and was founded in 1989...

 on 20 March 2008. The formal offer, valuing TietoEnator at approximately €1.1 billion, was launched on 1 April, but was rejected by the company's board of directors

Board of directors

A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...

, which stated that the price is insufficiently high.

Change of President and CEO in 2011

In 2011, Board of Directors and Hannu Syrjälä agreed that Hannu Syrjälä will leave his position as of 28 April 2011. Ari Karppinen was appointed as acting director of Tieto Corporation, while at the same time Board of Directors also initiated a process for recruiting the new President and CEO.

Kimmo Alkio, after being appointed in July,
took over the post on 1 November and at the same time resigned from Tieto's Board of Directors.

Operating countries

Tieto has offices in following countries: Austria, Belgium, Belarus, Canada, China, the Czech Republic, Denmark, Estonia, Finland, Germany, India, Indonesia, Italy, Latvia, Lithuania, Malaysia, the Netherlands, Norway, Poland, Russia, Singapore, Sweden, Ukraine, the United Kingdom, and the USA.

Net sales by country 2010: Finland 48%, Sweden 28%, and International 25%.

Human capital

• Around 18,000 employees work for Tieto
• 27% are women and 73% men (2010)
• The average age is 40.5 years

Industry expertises

• Banking and insurance
  Insurance
  In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
  
  
• Telecom
  Telecommunication
  Telecommunication is the transmission of information over significant distances to communicate. In earlier times, telecommunications involved the use of visual signals, such as beacons, smoke signals, semaphore telegraphs, signal flags, and optical heliographs, or audio messages via coded...
  
  , automotive and media
  Mass media
  Mass media refers collectively to all media technologies which are intended to reach a large audience via mass communication. Broadcast media transmit their information electronically and comprise of television, film and radio, movies, CDs, DVDs and some other gadgets like cameras or video consoles...
  
  
• Healthcare & welfare
• Forest
  Forest
  A forest, also referred to as a wood or the woods, is an area with a high density of trees. As with cities, depending where you are in the world, what is considered a forest may vary significantly in size and have various classification according to how and what of the forest is composed...
  
  , Energy
  Energy
  In physics, energy is an indirectly observed quantity. It is often understood as the ability a physical system has to do work on other physical systems...
  
  , Manufacturing
  Manufacturing
  Manufacturing is the use of machines, tools and labor to produce goods for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale...
  
  
• Retail
  Retail
  Retail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...
  
   and logistics
  Logistics
  Logistics is the management of the flow of goods between the point of origin and the point of destination in order to meet the requirements of customers or corporations. Logistics involves the integration of information, transportation, inventory, warehousing, material handling, and packaging, and...
  
  
• Public
  Public
  In public relations and communication science, publics are groups of individuals, and the public is the totality of such groupings. This is a different concept to the sociological concept of the Öffentlichkeit or public sphere. The concept of a public has also been defined in political science,...
  
  
• ICT operation management