|Traded as||Nasdaq Helsinki: TIE1V|
|Industry||IT services, IT consulting|
|Markku Pohjola (Chairman), Kimmo Alkio (President and CEO)|
|Services||IT, business consulting and outsourcing services|
|Revenue||€1.460 billion (2015)|
|€125.2 million (2015)|
|€90.5 million (2015)|
|Total assets||€1.086 billion (end 2015)|
|Total equity||€482.9 million (end 2015)|
Number of employees
|13,083 (FTE, end 2015)|
Tieto Oyj (until April 2009 TietoEnator) is an IT software and service company providing IT and product engineering services. Active in more than 20 countries with approximately 13,000 employees, Tieto is one of the largest IT service providers in Europe. Tieto is domiciled in Helsinki, Finland, and the company's shares are listed on the NASDAQ OMX Helsinki and Stockholm.
The company provides services to the following industry groups: financial services; public, healthcare & welfare; industrial and consumer services. Service lines are technology services and modernization, industry solutions including data-driven businesses organized independently of other businesses; Business Consulting and Implementation; Product Development Services.
At the end of 2015, the number of full-time employees was over 13,000 in more than 20 countries. 28% is located in Finland, 19% in Sweden, 17% in India, 15% in Czech Republic, 5% in Latvia, and the rest spread across other countries. 28% of the employees worldwide are women. Net sales by country was Finland 47%, Sweden 36%, and International 17%. As of 2014, 42.7% of Tieto's shareholders are Finnish and 3% are Swedish.
Energy Components (EC) is a Hydrocarbon accounting software product used to allocate units of aliquots of produced hydrocarbons back to its origination based on their current disposition like a temporary storage tank or a sales point. It holds accounts for oil and gas ownership for the hydrocarbons based on the production field equity share of every single partner company. The product monitors hydrocarbons from the start of movements in the production process following the streams through transportation, storages and sales. Benefits of the EC product includes oil and gas production scheduling and petroleum reservoir management, giving transparent and auditable accounts, it reports production data to regulatory authorities and partners, counteracting potential for disputes between partners and with governments. Tieto is providing services for planning, design, customizations and configuration of product installations, and also gives lifecycle support. Customers share their experiences and maintains common interests through EC User Forum. In April 2012, more than 100 customer representatives from more than 20 countries participated in the annual gathering.
The product has origins in the Prosty-system, developed internally at Statoil, which Statoil conveyed to Tieto for commercialization. Competitors include Field Operations & Production Accounting solutions from Merrick Systems, Inc., P2 Energy Solutions, EnergySys and software from WellPoint Systems, Avocet from Schlumberger.
Energy Components (EC) is also the publicly known naming on the Tieto Norway entity that delivers the EC and PTS/DaWinci products and related services in partnership with the breakaway company Hytracc Consulting.
Personnel Transportation & Tracking (PTS/DaWinci) is a software product that helps oil companies to schedule, execute and account for the personnel transportations between ports and locations that need mobilized crew in connection with operations in the oil and gas industry. Transportation type may include inter field shuttles. Ports may be land-based heliports. Operational locations may be any type of offshore platform, vessel, FPSO, or onshore plant. The product tracks personnel movements and assist platform management at offshore locations in administering the emergency preparedness, the accommodation units and supports the lifeboat allocation and muster drilling.
Benefits of the product includes updated Personnel On Board information, optimized helicopter utilizations, cost allocation between user companies on shared flights, and adherence to regulatory emergency preparedness functions.
The PTS/DaWinci product origins from a system developed as a joint venture between Statoil and Hydro Oil & Gas that Tieto Norway took over in an acquisition of the company DaWinci Services AS in 2002. Competitors include Collabro Personnel-On-Board Management, Asset Integrity Personnel On Board (POB), and the Logistics Management System (LMS).
Specific expertise areas offered to customer services are within Banking and insurance; Telecom, automotive and media; Healthcare & welfare; Forest, Energy, Manufacturing; Retail and logistics; Public; ICT operation management.
Tieto started its business operations in Espoo, Finland in 1968 under the name Tietotehdas Oy. During the company's first years, it developed and maintained IT systems mainly for the Union Bank of Finland (Suomen Yhdyspankki, today Nordea), its customers and a few forestry companies.
The customer base of the company grew during the 1970s, when mini-computers were introduced alongside the existing mainframe computers. Besides mainframe computer services and software, the development of IT systems was also central to the operations of Tietotehdas. Customers represented several industries and operations were organized according to these verticals. During the 1990s, the company experienced rapid growth through a number of acquisitions, mergers and strategic alliances. The company's name was changed from Tietotehdas to TT Tieto in 1995 and Tieto in 1998. In 1996, the company strengthened its exposure in the telecom sector considerably through the acquisition of Avancer. In 1999, Tieto and the Swedish Enator corporation merged to form TietoEnator.
On 1 December 2008, the company re-launched the corporate brand and marketing name Tieto (which means knowledge in Finnish). The official registered name became Tieto Corporation, and the corporation is led from its Helsinki headquarters. Starting from year 2009, Tieto went with an aggressive strategy of offshore production, reaching up to the end of the decade. The President and CEO of Tieto is Kimmo Alkio, as of November 2011.
In January 2018, Tieto appointed Christian Guttmann as Global Head of Artificial Intelligence and Data Science and Chief Artificial Intelligence Scientist. He overlooks all innovation and business in this area.
In Tieto’s 1–12/2014 interim report, the company defined its future high growth offerings and investments in other key services:
Investments in future high-growth offerings
Investments in other key services
Tieto launched the internal Customer Experience Management start-up in April 2014 as one of the company’s key growth investments. Mikko Leinonen was appointed to lead the second internal start-up of Tieto as Head of Customer Experience Management.
Tieto launched its internal startup Security Services in January 2016 to offer digital security services and solutions to enterprises and public sector organizations. Markus Melin from F-Secure, a global Finnish security company, was appointed to lead the start-up. Security Services is Tieto’s third internal start-up. The others are Industrial Internet, led by Taneli Tikka, and Customer Experience Management, led by Mikko Leinonen.
In December 2015, Tieto signed an agreement to acquire Smilehouse, the largest Finnish solution provider of multichannel commerce with operations primarily in Finland and Sweden. The acquisition was made to strengthen Tieto’s position as one of the leading Nordic players in digital Customer Experience Management and to support the company’s aim to accelerate growth in this market. Before the acquisition, Smilehouse’s annual sales amounted to approximately EUR 10 million. Smilehouse was consolidated into Tieto on 1 December 2015.
In November 2015, Tieto acquired Imano AB, a Swedish consulting company offering consulting and digitalization services to paper and forestry industries. The acquisition was made to support Tieto’s objective of becoming the largest IT services provider in the paper and forestry industries in Sweden and Norway. The company’s revenue in 2014 was EUR 7.1 million.
In June 2015, Tieto signed an agreement to acquire Software Innovation, a software company in the Enterprise Content Management (ECM) business in the Nordic countries. The aim of the acquisition was to increase Tieto’s capabilities in enterprise content management across the Nordic countries. In 2014, Software Innovation’s net sales amounted to approximately EUR 41 million with an operating margin (EBIT) of 12.5%. In August 2015, The Norwegian Competition Authority approved the acquisition.
In December 2015, Tieto announced the relocation of its headquarters in Keilaniemi, Espoo, Finland, in space originally built for Nokia and later occupied by Microsoft Mobile. The office spaces in Keilaniemi are designed for flexible ways of working, with open spaces, co-creative areas and innovation hubs. The move to Keilaniemi is planned to take place in stages, starting in the fourth quarter of 2016; the move has been ongoing since April 2017. Since Tieto’s rental agreement in Kilo, Espoo ends in December 2016, the company expects that the move will have both logistical and financial benefits.
Currently, Tieto operates in more than 20 countries, with Finland, Norway and Sweden as the main markets. The company’s major delivery centres are located in the Czech Republic, Poland, India and China. Tieto also has operations in Canada, Denmark, Germany, Great Britain, Malaysia, the Netherlands and the United States.
Tieto operates in Norway as the subsidiary Tieto Norway AS. The business in Norway was developed through a series of acquisitions, starting in 1989 when Enator AB acquired the Norwegian IT consulting company ISI AS.
Other significant acquisitions were Ementor Financial Systems in February 2002, followed by DaWinci Services AS in December of that year. The latter acquisition provided control over the offshore Personnel Transportation & Tracking Solution, giving Tieto Norway a 100% market share of systems for operating the Norwegian Continental Shelf personnel movements.
In 2010, there was a major demerger by a group of Tieto Norway employees that spun off the company Hytracc Consulting. The new company has established partner offices in the vicinity of the Tieto's offices, hence both companies provide services for shared customers of the Tieto Energy Components system.
In 2005, the Western Norway Regional Health Authority, Norwegian Helse Vest RHF, signed an agreement with TietoEnator Norway for the delivery of a system for Electronic health records. By the end of 2007, Helse Vest RHF concluded its customer relationship with the company and announced a lawsuit against TietoEnator. They claimed that they had spent time, resources and efforts on the initial project without seeing TietoEnator able to deliver, and thus they were going to claim compensation from TietoEnator. "The word disaster is appropriate", Eric Hansen of Helse Vest RHF expressed to Finansavisen. Likewise, the Southern Norway Regional Health Authority, Helse Sør, experienced their frame agreement from 2004 to make no deliveries, and Helse Sør therefore also considered legal action. For the 2007 fiscal year, TietoEnator Norway recorded a loss of NOK 124,336,000 (according to the net loss indicated on their financial statement, as reported to the Brønnøysund Register Centre).
The current business activities in Sweden are undertaken by the subsidiary Tieto Sweden AB based on a restructuring of the former Enator corporation. Enator corporation started in 1977 as a consultant firm created to support the Pronator company with software and project management. In 1990, it merged with Modulföretagen, adopting its logo from Modul and name from Enator. Enator grew to approximately 650 consultants in Sweden, Denmark, Norway and Finland. In 1993 it was included in the AxData group as a stand-alone company but was sold to Celsius in 1995. The subsidiary's name, Enator, was applied to the whole group in 1995 when Celsius AB, a publicly traded Swedish company, merged the IT operations it had acquired between 1991 and 1994. Until 1994, there were IT operations in three separate subsidiaries: Telub, Enator and Dialog. The merger of the three subsidiaries led to a restructuring program in 1997. In spring 1996, the corporation was listed on the Stockholm Stock Exchange under the name of Enator.
During 1998, Enator conducted a series of acquisitions to strengthen the company's public sector exposure. The company acquired 51% of shares in the Stockholm-based consulting firm Programmera. In addition, the company acquired two small IT companies – Kvatro Telecom in Trondheim, Norway, and Soft Project in Hamburg, Germany – and divested from operations in Enator Telecom Mechanics. In April 1999, Enator acquired NetDesign in Denmark. After the Enator–Tieto merger in July 1999, the Enator brand was discontinued.
On 25 November 2011, there was a hardware failure in one of Tieto's Swedish data centers, which affected approximately 50 of its clients, including Apoteket (a national pharmaceuticals retail firm, for whom e-prescriptions were out of service), Bilprovningen (a Swedish motor vehicle inspection firm, which was forced to perform inspections with manual support), SBAB Bank and the Stockholm Municipality school web site. Kristina Westerlind, Head of Marketing and Communications at Tieto Sweden, commented on the incident to Dagens Nyheter: "It is a hardware failure that is very difficult to predict at this time how long it takes to restore everything to normal. It can go fast or it could last a long time." On 30 November, Tieto services for Apoteket e-prescriptions and SBAB were recovered and operational again. By 13 December, virtually all services were back to normal operations. Confidentiality agreements with customers prevented Tieto from revealing exactly who was affected by this incident. On 22 February 2012, the Swedish Civil Contingencies Agency published the report on Reflections on community safety and preparedness for serious IT incidents In March 2012, Tieto released a report investigating the incident.
Tieto claims that working at the company should be enjoyable and rewarding and Tieto scores a grade of 3.2 in the scale from 1 to 5, assessed by their own employees, on the jobs and career community site Glassdoor.com. Glassdoor has listed Tieto as one of the 25 companies in the world with the best work-life balance. The ranking was made based on what employees voluntarily and anonymously have shared about their job and what the company is like when it comes to work-life balance. Tieto was no 17 on the list and received positive feedback for offering challenging jobs and great atmosphere. Also flexibility and mobility were mentioned: “Every place is a workplace, and the office is only one of them”.
At the end of 2011, a Supplier Code was created to complement the Code of Conduct in use. The Supplier Code aims to sharpen control of suppliers and partners in order to prevent corruption and support human and labour rights. In 2015, 31% of all Tieto's regular suppliers have accepted the Supplier Code, representing 81% of total spend.
Several social sponsoring activities (both financial and pro-bono) were conducted during 2015. The main recipient of philanthropic donations in 2015 was the Red Cross for their support to refugees. Tieto has also continued to support the Identity Foundation´s mobile learning centres for underprivileged children in Pune, India.
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