Finnish IT services provider Tietoevry has announced plans to consider the separation and listing of its Banking unit as part of a broader strategic review.
On July 22, a release detailed that Tietoevry Banking, which generates annual revenue close to €500 million and employs around 3,600 individuals serving 400 global customers, could achieve more as an independent entity. The banking unit specializes in software as a service (SaaS), interoperable solutions, and data-driven platforms.
If the spin-off proceeds, the separation of the fintech’s banking arm from Tietoevry Group is expected to be completed in Q2 2023. Following this, the company aims to pursue a listing for the banking business during the same timeframe, pending a positive assessment.
Kimmo Alkio, president and CEO of Tietoevry, stated, “We are today announcing a key decision to take our strategy forward. Tietoevry Banking offers highly competitive software and platforms for Nordic and global financial institutions. As an independent entity, we believe that the business would have a greater focus, establish a clear identity in financial services software to attract top talent, and enhance value for its customers, potentially unlocking further value for Tietoevry shareholders.”