Company News

TietoEvry in $188 mln deal to sell oil, gas software business

HELSINKI, Feb 15 (Reuters) - Finnish information technology company TietoEvry said on Monday it has agreed to sell its oil and gas software business to Canada’s Aucerna for an agreed enterprise value of 155 million euros ($188 million).

The price corresponds to 3.2 times the revenue of the operations that are sold, and the deal comprises 420 employees in over 50 countries, TietoEvry said in a statement.

The buyer, Aucerna, is an affiliate to Quorum, a U.S.-based software company in the energy industry.

The acquisition of software solutions in hydrocarbon management will strengthen Quorum’s portfolio to help energy companies with digitalization, said TietoEvry CEO Kimmo Aikio.

“I truly believe that this combination will open up exciting career opportunities for employees as part of the larger community of the Oil & Gas industry and software experts,” Aikio said.

The companies expect the transition to be approved by competition authorities by mid-2021. ($1 = 0.8241 euros) (Reporting by Essi Lehto, editng by Terje Solsvik)