Tieto, a Finland-based IT services company, has signed an agreement to acquire Cerdo Bankpartner’s administrative payments and savings services for the banking and financial sector.
As part of the agreement, Cerdo’s employees will move to Tieto, while the latter will deliver a sought-after outsourcing solution for the Nordic financial market.
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The deal, which combines Cerdo’s expertise in business process outsourcing and developed business processes with Tieto’s IT and consultancy services, will allow Tieto to offer an integrated business solution in administrative payments and savings services to its customers.
Since 2006, the companies have worked together in the Fund, Securities and Card product areas. They also developed cloud solutions for the banking and financial sector.
Tieto banking vice president Vahid Zohali said: "We are pleased to be able to take on full responsibility for banks’ administrative services, including system and process management. It enables our customers to focus on their core business and become more innovative and competitive."
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